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Mallya hiding wealth in Virgin Islands?
It seems troubles are mounting for industrialist Vijay Mallya as he finds himself named now in the Panama Papers’ leaks as well. He has been linked directly to an offshore firm registered in the British Virgin Islands (BVI), which has been operational from February 2006, reports indicate citing details accessed from the website of International Consortium of Investigative Journalists (ICIJ).
Mumbai/New Delhi: It seems troubles are mounting for industrialist Vijay Mallya as he finds himself named now in the Panama Papers’ leaks as well. He has been linked directly to an offshore firm registered in the British Virgin Islands (BVI), which has been operational from February 2006, reports indicate citing details accessed from the website of International Consortium of Investigative Journalists (ICIJ).
Mallya is said to have been operating Venture New Holding from his residential address in Bengaluru. However, his identity was protected, until the leaks, through an entity Sharecorp Limited, which was functioning as a nominee shareholder, the newspaper reported. Sharecorp has held the position for many other firms, including many offshore companies that are operated by Indians.
The industrialist’s offshore was linked to a firm called Porticullus Trust Net, which is said to have been setting up offshore accounts. Meanwhile, United Kingdom’s Financial Conduct Authority is said to have shared information about Venture New Holding among other offshore entities that Mallya may have been operating. An investigation for the same is being conducted by the Securities and Exchange Board of India (SEBI).
The reports come a day after Mallya received a double blow from the Supreme Court. A 17-bank consortium, on Thursday, rejected Rs 4,000-crore repayment offer made by Mallya.
