Kiran Mazumdar Shaw Among Others Named In Pandora Papers’ First List

Pandora Papers
Over 300 people have been reportedly named in the first list of ‘Pandora Papers’ including Kiran Mazumdar Shaw, Sachin Tendulkar, Nirav Modi among others.

The said papers are millions of important documents leaked by the worldwide journalistic partnership. The International Consortium of Investigative Journalists ( ICIJ) behind the big reveal includes Indian Express, The Guardian, BBC among 150 media outlets. Shaw reacting to the news claimed that the ‘Pandora Papers’ have wrongly named her husband’s offshore trust as she called the trust “legitimate” and “bonafide”

In a tweet, the executive chairperson of biotechnology company Biocon, Kiran Mazumdar Shaw, wrote, “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.”

Shaw told Indian Express that the trust had been set up in 1999 as an investment company from her foreign currency earnings to acquire Unilever’s shares in Biocon before it became a listed company. 

The reports also claim that Deanstone trust, owned by Shaw’s husband John McCallum Marshall Shaw used the services of Allegro Capital. The company was banned by SEBI in July. SEBI has also noted that Allegrp Capital was in temporary association with Biocon. This case is reportedly pending with the Securities Appellate Tribunal, according to reports. The SAT is where appeals against SEBI orders are heard.

The leaked papers claimed to have discovered the financial secrets of many current and former world leaders, celebrities, politicians, and public figures of over 91 countries. Before Pandora Papers, the media collective has released Panama Papers in 2016. The papers have claimed to obtain more than 11.9 million confidential files about the secret financial affairs of the super-rich.

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Kiran Mazumdar Shaw is now Vice Chair at US India Business Council