Pandora Papers: Anil Ambani, the bankrupt Reliance ADA Group Chairman, owns 18 offshore companies
In an "unprecedented leak", the financial secrets of 35 current and former world leaders, more than 330 politicians and public officials in 91 countries and territories have been exposed, according to the International Consortium of Investigative Journalists (ICIJ).
An International Consortium of Investigative Journalists (ICIJ) has exposed “offshore havens and hidden riches of world leaders and billionaire business tycoons in unprecedented leak” through documents called “Pandora Papers”.
Open financial secrets of several prominent Indian business tycoons, including Reliance ADA Group Chairman Anil Ambani, Biocon Executive Chairperson Kiran Mazumdar Shaw’s husband John McCallum Marshall, corporate lobbyist Niira Radia, and Ajit Kerkar of Cox and Kings, have been revealed in the long list disclosed by the consortium.
“Pandora Papers” has disclosed that Reliance ADA Group Chairman Anil Ambani and his representatives own 18 offshore companies with an overall transaction value of USD 1300.5 million in Cyprus, Jersey, and British Virgin Islands (BVI).
Seven of these companies, which were set up between 2007 and 2010, have borrowed and invested at least USD 1.3 billion, according to the report. Anil Ambani had gotten into a dispute with three Chinese state banks in 2020, following which he had told a London court that his net worth was zero, the consortium of international journalists said in Pandora Papers.
Similarly, Kiran Mazumdar Shaw’s husband owns 99 per cent of Mauritius-based Glentec International which has shares of Biocon. Glentec set up The Deanstone Trust in New Zealand. Notably, John McCallum Marshall Shaw is a British Citizen, according to the Pandora Papers.
Of the 300-plus Indians included in the papers, the offshore holdings of 60 individuals and companies were investigated, the consortium said, adding that more details would be revealed in the coming days.