Baaghi TV - Latest News and Updates

Panama Leaks: Amitabh Bachan denies link with any offshore company

The Panama Papers, which are being labelled as the largest trickle in history, feature over 500 Indians linked to offshore firms, reported The Indian Express, whose team was part of the eight-month long inquiry led by the International Consortium of Investigative Journalists (ICIJ).

Many have demanded that their reserves were lawful, while others have upheld silence. Not Big B though. Amitabh Bachan whose name was also in the list claims that there’s a likelihood that his name was misrepresented.

Rendering to the disclosed official papers, the Bollywood legend was chosen director of at least four shipping corporations listed in offshore tax havens set up 23 years ago.

The authorised capital of these companies ranged from just $5,000 to $50,000 but they traded in ships worth millions of dollars, according to the Indian Express Newspaper.

I do not know any of the companies referred to by The Indian Express – Sea Bulk Shipping Company Ltd, Lady Shipping Ltd, Treasure Shipping Ltd, and Tramp Shipping Ltd. I have never been a director of any of the above stated companies. It is possible that my name has been misused.

I have paid all my taxes including on monies spent by me overseas. Monies that I have remitted overseas have been in compliance with law, including remittances through LRS, after paying Indian taxes. In any event the news report in Indian Express does not even suggest any illegality on my part.

The Indian Express also stated that Aishwarya Rai and her family were chosen as managers of a corporation merged in the British Virgin Islands in 2005, which was thawed in 2008.

The Express is among more than 100 media groups which have investigated a massive leak of 11.5 million documents from Mossack Fonseca, a Panama-based law firm with offices in 35 countries.

A media consultant to Ms Rai has told the newspaper that “all information that you have is totally untrue and false.”

Bollywood’s Amitabh Bachchan and martial arts movie star Jackie Chan are among celebrities who feature Monday in a massive leak of documents, some of which reveal hidden offshore assets.