Every now and then, there are news and releases that shock one and all (like yesterday’s case of Aryan Khan) and that’s what happened today too, with the release of the latest Pandora Papers. Firstly, what are the Pandora Papers? It’s probably the world’s largest trove of hidden data on tax haven secrecy, and there’s a major leak that has happened revealing thousands of names of known entities across the world.
Media news outlets and International Consortium of Investigative Journalists’ (ICIJ) reported that around 300 Indians have also been named in the Pandora Papers, including Sachin Tendulkar, Anil Ambani, absconding diamond tycoon Nirav Modi’s sister, pharma billionaire Kiran Mazumdar Shaw’s husband, and many more.
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The offshore holdings of 60 individuals and companies were investigated among the Indians named in the list and one of them is legendary Indian cricketer aka the ‘Master Blaster’, Sachin Tendulkar. Several Indians named in the list are said to have re-organised their offshore assets after the 2016 Panama Papers investigation, which includes the batsman who has 100+ international centuries to his name.
Among the other names are Anil Ambani, who recently filed for bankruptcy in the United Kingdom, but it turns out that he’s got assets worth millions of dollars elsewhere. “Evidently, Indian businessmen have been setting up a plethora of offshore trusts to project a degree of separation from their wealth and insulate their assets from creditors,” said the report.
Sachin Tendulkar in Pandora Papers
Sachin, his wife Anjali Tendulkar, and father-in-law Anand Mehta, were said to be owners of an offshore company in the British Virgin Islands, details of which will be released soon. “Individuals accused in economic offences and under investigation, have created an offshore network in tax havens like Samoa, Belize or the Cook Islands, besides larger tax havens like the British Virgin Islands or Panama.”
Sachin’s company in the BVI was known as Saas International Limited and it remained operational between 2012 and 2016 when he was a Member of Parliament. Three months post the 2016 expose in Panama Papers, the company was liquidated with the average buyback price of shares of Saas International being around $96k and around 90 shares were issued at the time.
“Anjali Tendulkar got the first share certificate with 60 shares; her father got the second share certificate with 30 shares. While there are no details of buyback of the remaining shares, the value of 90 shares can be pegged at $8.6 million,” said the report. However, CEO and Director of the Sachin Tendulkar Foundation, Mrinmoy Mukherjee, claims that all investments were made legitimately.
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