Businesspersons Anil Ambani and Kiran Mazumdar Shaw and cricket icon Sachin Tendulkar are among world leaders, public officials and celebri...
Businesspersons Anil Ambani and Kiran Mazumdar Shaw and cricket icon Sachin Tendulkar are among world leaders, public officials and celebrities who have been named in a list of people who allegedly used global tax havens to stash their assets from government scrutiny, The Indian Express reported on Sunday.
Globally, prominent persons who allegedly used such havens include Pakistan Finance Minister Shaukat Tarin, Jordan’s King Abdullah II and pop singer Shakira.
The revelations are based on over 11.9 million confidential documents from 14 offshore service firms that allegedly set up shell companies for clients seeking to keep their financial activities discreet. These shell companies were set up in tax havens such as Dubai, Monaco, Panama and Switzerland.
The documents were leaked to Washington-based International Consortium of Investigative Journalists. It shared access to the leaked data with a host of media partners including The Guardian, BBC Panorama and The Washington Post as part of a massive global investigation. The Indian Express conducted the Indian portion of the investigations.
The ICIJ referred to its investigation as the Pandora Papers.
Not all offshore entities are illegal. But tax evaders, fraudsters and money launderers often find the secrecy offered by tax havens attractive.
A series of leaks of financial data has rattled the offshore world since 2013. The ‘Pandora Papers’ represent the latest and largest in terms of...
