Panama Papers: Vijay Mallya among those holding offshore accounts
The ‘King Of Good Times’, Vijay Mallya, has denounced his metaphorical title and the good times have passed. The bad times, though, have just begun.
A day after being asked by the Supreme court to declare his assets, Mallya finds himself in more legal soup after his name cropped up in the list of individuals owning offshore firms in tax haven Virgin Islands in the recently leaked ‘Panama Papers’.
The firm by the name of Venture New Holding is said to have been operational from Mallya’s home in Bengaluru since February 2006. However, the liquor baron’s identity was protected by an entity Sharecorp limited, which functioned as a nominee shareholder. Sharecorp Limited also posed as shareholders for many other firms while protecting the identity of the offshore account holders.
As of Mallya, his offshore account is said to have been linked to Portilicullus Trust Net, a firm that helps people in setting up offshore accounts in tax havens like Panama and the Virgin Islands.
United Kingdom’s Financial Authority shared information about Vijay Mallya’s New Venture Holding and other offshore entities which he may be holding to the Securities and Exchange Board of India (SEBI) who has now embarked on an investigation into the said firms.