Pandora Papers: Swiss bank account of Jackie Shroff, New Zealand trust and details of the surfaces of offshore companies
After the Panama Papers explosives, Indian Express unearthed the Pandora Papers, an investigation into the wealth of the rich and famous. In this survey, the names of at least 380 Indians were brought to light. Of these, 60 prominent personalities and companies were reviewed and Bollywood actor Jackie Shroff is one of them.
According to the report, details of Jackie Shroff’s offshore trusts and accounts have become evident. First, he was the primary beneficiary of a trust created in New Zealand by his mother-in-law. His children Tiger Shroff and daughter Krishna Shroff were also named as other beneficiaries. Jackie Shroff is said to have made “substantial contributions” to this New Zealand-based trust which also had a bank account in Switzerland.
Not only that, an offshore company has also been registered in the British Virgin Islands, under this trust. According to the report, the trust was established in November 2005 by Jackie’s stepmother, Claudia Dutt. Known as the Media Trust, it has been registered with the London Fiduciary Trust Company Limited (LFTC) in New Zealand. However, it was terminated in 2013.
Although the transaction amount of this trust is not disclosed, the report indicated that the trust held a bank account at Clariden Leu Bank, a Swiss private bank. This account was also closed in 2013. As for the offshore company, records indicate that Media Trust owned Millenstock Holdings Limited, an offshore company incorporated in the British Virgin Islands, which was removed from the company register on May 1, 2013. The shares of Millenstock Holdings were allotted to LFTC as a director of Media Trust, Indian Express reported. Several thousand dollars in transactions have been reported.
The portal contacted Jackie Shroff’s wife, Ayesha Shroff, and inquired about the trust. She said, âMy family and I have absolutely no knowledge of such a trust. My mother, who died over ten years ago, was a Belgian citizen and not a resident of India.
The Pandora Papers revealed how trusts were set up in tax havens such as Samoa, Belize, Panama and the British Virgin Islands, or Singapore or New Zealand which offer relative tax advantages, or even the Dakota of the South in the United States, the largest economy. .
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