Bengaluru: Hours after Executive Chairperson of biotechnology major Biocon Limited Kiran Mazumdar-Shaw’s husband’s name was listed in the name of affluent Indians named in the ‘Pandora Papers’, Shaw took to Twitter and responded to the claim terming her husband’s offshore trust as “bonafide and legitimate”. Shaw also accused media stories reporting on ‘Pandora Papers’ of “wrongly” implicating it.
Taking to Twitter, “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.”
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.
— Kiran Mazumdar-Shaw (@kiranshaw) October 4, 2021
Her reaction came a day after millions of leaked documents dubbed as the ‘Pandora Papers’ by a worldwide journalistic partnership on Sunday claimed to have uncovered financial secrets of current and former world leaders, politicians, and public officials in 91 countries and territories, including India.
The International Consortium of Investigative Journalists (ICIJ), which involved the BBC and ‘The Guardian’ newspaper in the UK and ‘The Indian Express’ in India among 150 media outlets in its investigation, claims it obtained the trove of more than 11.9 million confidential files to find secret financial dealings of many super-rich.
John McCallum Marshall Shaw, a British citizen and the husband of Kiran Mazumder Shaw, promoter of Biocon, set up a trust with keys to a person who banned by Sebi for insider trading. In July 2021, SEBI had barred Kunal Ashok Kashyap for one year in a case related to alleged insider trading activities in the shares of Biocon. But the regulatory authorities were not aware that Kashyap was the ‘Protector’ of The Deanstone Trust, set up in New Zealand in July 2015 by Mauritius-based Glentec International, the ‘Settlor’. As per the reports of the Indian Express, Glentec, which holds shares of Biocon Ltd, is 99 per cent owned by John McCallum Marshall Shaw.
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