The 'Paradise Papers' have released 13.4 million leaked documents of corporate data.
A year after the Panama Papers created the chaos within the system, the new data leak under the name of Paradise Papers is repeating history. Many revelations could bring trouble for the international leaders but back at home, the situation is not any different.
The 'Paradise Papers' have released 13.4 million leaked documents of corporate data.
The two main firms in the leaks are Appleby, a Bermuda-based organisation, and Asia City that is based out of Singapore. The report has identified the corporate history and connection of these two firms with several offshore companies, as reported by the Indian Express in partnership with International Consortium of Investigative Journalists.
But what exactly is Paradise Papers leak and how is it different from Panama?
What are Paradise Papers?
Paradise Papers referred to a leak of 13.4 million files. Out of which, around 6.8 million belonged to a law firm and corporate services provider that operated together in 10 jurisdictions under the name Appleby.
A 119-year-old company, Appleby is a leading member of the global network of lawyers, accountants, bankers and other operatives who set up offshore companies and manage bank accounts for clients to do one or a combination of the following: avoid or evade taxes; manage real estate assets; open escrow accounts; purchase airplanes and yachts paying low tax rates; or, simply, use offshore vehicles to move millions across the globe.
In 2016, one segment of the arm was the subject of a management buyout and since then has been called Estera.
The papers cover the period from 1950 to 2016.
What details have been leaked and how many countries will be impacted?
Among the 180 countries in the data, India is ranked at 19, with 714 Indians in the tally. The Sun Group, founded by Nand Lal Khemka figures in Appleby's second-largest international client with 118 different offshore entities.
How many files are related to India and who all are involved?
66,000 files relating to India have been listed in the Paradise Paper leak, as compared to the 37,000 that were listed in the Panama Papers scandal. The new set of names include former Rajasthan CM Ashok Gehlot, Congress leader Sachin Pilot, and P Chidambaram's son Karti. Others included are MoS Jayant Sinha, Dr Ashok Seth, the chairman of Fortis-Escorts, actor Amitabh Bachchan, Sanjay Dutt's wife Manyata, corporate lobbyist Nira Radia, and liquor baron Vijay Mallya.
After his name appeared in the Panama Papers, veteran Bollywood actor Amitabh Bachchan's name has appeared in the Paradise papers as well.
According to the report by ICIJ, in collaboration with The Indian Express, Bachchan became a shareholder of a digital media company in 2000. However, it is not clear if the shareholding was disclosed to the Reserve Bank of India, as at the time all investments made abroad by resident Indians required RBI permission. This changed in 2004 after the Liberalised Remittance Shceme was introduced.
Appleby records Bachchan and Silicon Valley venture investor Navin Chaddha as shareholders of Jalva Media Ltd on June 19, 2002. The company was set up in Bermuda on July 20, 2000 and dissolved in 2005.
The company was launched by four Indian entrepreneurs in California in January 2000, with the Indian arm - Jalva Media India Pvt Ltd - being set up in February 2000. A third company was set up in Bermuda in July that year.
In October 2005, Appleby stating that Jalva-Bermuda, listed as "bad debtor", "shall stand dissolved". Appleby had already terminated services to the company on January 14, 2004.
Jalva-India survived on paper till it opted for the 'Easy Exit Scheme 2011' of the Ministry of Corporate Affairs, for being "inoperative for the past six years due to the reason of business not being successful."
How many media organisations are currently going through the leaked data?
Currently, A total of 381 journalists from 67 countries have been analysing the data.
What exactly the leaked data is focused upon?
The Paradise Papers focus upon both the individuals and data which are binded by a common element-money. The data leak involved some of the world’s biggest firms, including Apple, Nike and Facebook.
Renowned stars from Hollywood Boulevard to Queen of England, among other world's richest people also have their names in the data leak.
It was also revealed that Canadian Prime Minister Justin Trudeau's top fundraiser and senior advisor Stephen Bronfman, heir to the Seagram fortune, moved some USD 60 million to offshore tax havens with ex-senator Leo Kolber.
The revelations about Bronfman could spell trouble for Trudeau, who was elected two years ago riding on the coattails of promises to reduce economic inequality and tax avoidance.
In the case of Queen Elizabeth's private estate, critics may question whether it is appropriate for the British head of state to invest in offshore tax havens.
Ross, a billionaire investor, holds a 31 percent stake in Navigator Holdings through a complex web of offshore investments detailed in the documents examined by nearly 100 news organizations as part of an international collaboration.
(With inputs from agencies)
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