Adding to business tycoon Vijay Mallya's woes, the Panama papers leak revealed that he is directly linked to an offshore company in the British Virgin Islands. The Supreme Court directed Mallya Thursday to disclose his family's and his assets by April 21.
The global-level International Consortium of Investigative Journalists (ICIJ) investigation, which exposed political leaders, movie and sports stars as owning offshore shelf companies and led to Iceland prime minister's resignation, also revealed that Mallya owns a firm named Venture New Holding Limited in the tax haven. The firm has been in operation since Feb. 15, 2006.
The firm was operated from his personal residence 3 Vittal Mallya Road in Bengaluru, the Times of India reported. It was linked to Porticullus Trust Net, an organisation that set up offshore accounts. Sharecorp Limited, a third-party firm unrelated to Mallya, was acting as a nominee shareholder. It provided the same service to many other companies, the TOI quoted the ICIJ leak as saying.
08/04/16 Asmita Sarkar/International Business Times
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The global-level International Consortium of Investigative Journalists (ICIJ) investigation, which exposed political leaders, movie and sports stars as owning offshore shelf companies and led to Iceland prime minister's resignation, also revealed that Mallya owns a firm named Venture New Holding Limited in the tax haven. The firm has been in operation since Feb. 15, 2006.
The firm was operated from his personal residence 3 Vittal Mallya Road in Bengaluru, the Times of India reported. It was linked to Porticullus Trust Net, an organisation that set up offshore accounts. Sharecorp Limited, a third-party firm unrelated to Mallya, was acting as a nominee shareholder. It provided the same service to many other companies, the TOI quoted the ICIJ leak as saying.
08/04/16 Asmita Sarkar/International Business Times
