Pandora Papers: Mazumdar-Shaw responds; Tendulkar says ‘legitimate investment’

After Pandora Papers opened Pandora’s box of global financial misdoings, denials and responses poured in from all quarters. Pandora Papers is like Panama Papers but much larger in scale and scope. The investigation by the International Consortium of Investigative Journalists (ICIJ) involving 600 journalists from 150 media outlets in 117 countries presents some damning revelations about some of the biggest world leaders, celebrities, sportspersons and politicians globally.

The Pandora Papers have named 300 Indian individuals. Among the names are Sachin Tendulkar, Anil Ambani, Nirav Modi and Kiran Mazumdar-Shaw.

According to the investigation, Kiran Mazumdar-Shaw’s husband set up a trust with keys to a person who has been banned by the SEBI for insider trading. The Biocon promoter responded to the allegations and stated that no Indian holds any such key.

“Media stories reporting on Pandora Papers wrongly implicate my husband’s offshore trust, which is a bonafide, legitimate trust and is managed by Independent Trustees. No Indian resident holds ‘the key’ to the trust as alleged in these stories,” she tweeted.

The ICIJ stated in its report that Sachin Tendulkar’s representative also issued a statement on his behalf. The report stated: "Mr. Tendulkar’s attorney said the cricket player’s investment is legitimate and has been declared to tax authorities.”

Pop star Shakira, who has also been named in the investigation report has also responded to the report. Her attorney said that she declared her companies and that they do not provide tax advantages.

Meanwhile, as many as 700 Pakistanis, including some of the key members of Prime Minister Imran Khan’s close circle, have been named. A spokesperson for PM Khan told a press conference that if any of his ministers or advisors had offshore companies, “they will have to be held accountable”.

Also read: Pandora Papers: 300 Indians, global leaders, celebrities, industrialists named