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14-08-2023, 08:14 AM
Nirmala Ganapathy
India Bureau Chief
NEW DELHI – The Indian authorities have seized the entire shareholding of late mining tycoon Anil Vassudeva Salgaocar’s estate, after opening an investigation against him on the basis of information disclosed in the Panama and Pandora Papers.
The move comes months after his widow Lakshmi Anil Salgaocar, who is the estate’s administrator, won a protracted case in Singapore’s High Court that involved assets implicated in the Indian investigation.
The Panama and Pandora Papers refer to two series of millions of leaked confidential documents, published from April 2016, that revealed massive hidden networks of tax havens involving corrupt or unethical dealings by the wealthy and elite across the globe.
Mr Salgaocar, a well-known industrialist who died in Singapore in 2016, is suspected of violating foreign exchange laws and not declaring millions of dollars of profits to the authorities
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He was also a member of the 2007 legislative assembly of Goa state.
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Under India’s laws, Indian nationals cannot freely acquire foreign exchange nor hold assets outside the country, among other things. Penalties include recovering three times the sum of money involved in the violations.
https://www.straitstimes.com/asia/south-...pers-leaks
India Bureau Chief
NEW DELHI – The Indian authorities have seized the entire shareholding of late mining tycoon Anil Vassudeva Salgaocar’s estate, after opening an investigation against him on the basis of information disclosed in the Panama and Pandora Papers.
The move comes months after his widow Lakshmi Anil Salgaocar, who is the estate’s administrator, won a protracted case in Singapore’s High Court that involved assets implicated in the Indian investigation.
The Panama and Pandora Papers refer to two series of millions of leaked confidential documents, published from April 2016, that revealed massive hidden networks of tax havens involving corrupt or unethical dealings by the wealthy and elite across the globe.
Mr Salgaocar, a well-known industrialist who died in Singapore in 2016, is suspected of violating foreign exchange laws and not declaring millions of dollars of profits to the authorities
......
He was also a member of the 2007 legislative assembly of Goa state.
......
Under India’s laws, Indian nationals cannot freely acquire foreign exchange nor hold assets outside the country, among other things. Penalties include recovering three times the sum of money involved in the violations.
https://www.straitstimes.com/asia/south-...pers-leaks
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