Pandora Papers: Kamal Nath’s son, key Agusta deal defendant had offshore ties

From Bakul Nath, the son of the NRI of congressional veteran and former Madhya Pradesh chief minister Kamal Nath, to the accused Rajiv Saxena, these files provide new evidence in the corruption scandal that led the CBI and ED to file several indictments.

BAKUL NATH: His name appeared in the interrogation report of Rajiv Saxena, who is currently out on bail. Records show that Saxena, in alleged collusion with Delhi-based lawyer Gautam Khaitan, received € 12.40 million on AgustaWestland’s Interstellar Technologies account. This would have been laundered further to pay other intermediaries and officials.

In 2000, Saxena took over 99.9% of the shares of Interstellar Technologies.

During his questioning (reported in The Indian Express in November 2020), Saxena said: “We (he and his co-defendant Sushen Mohan Gupta) have received interim funding through Pristine River Investments, a company managed by John Docherty for Bakul Nath, son of Kamal. Nath. Thus, indirectly, funds from Interstellar Technologies were used to repay loans from Pristine River Investment.

Pandora Papers records show that Swiss national Docherty is linked to Bakul Nath through an offshore company established in February 2018 by Trident Trust.

This British Virgin Islands company is Spector Consultancy Services Ltd and appoints Docherty as first manager and Bakul Nath as beneficial owner with an address in Dubai.

The Trident Trust Business Opening Form lists Bakul Nath as the beneficial owner.

Another BVI company, Cellbrook Limited, is registered as a shareholder of Spector Consultancy Services. Owning real estate is listed as the “goal” of this company and its assets during the first three years are valued at $ 10 million.

Bakul Nath did not respond to questions from Indian express.

RAJIV SAXENA: Records show that the AgustaWestland case accused Saxena of setting up a trust in 2014 for personal assets, with its underlying BVI company being Tanay Holdings Limited, linked to shares or ownership of 14 other companies or assets.

These include shares in his villa in Palm Jumeirah, an apartment in London, two real estate companies and two offices. The Tanay Trust has another underlying company in Belize called Tanay Holdings Ltd which controls accounts at banks in Zurich, including UBS Bank and Credit Suisse.

Additionally, in 2014 Saxena’s business trust, Matrix UAE Trust, was established as an offshore company and its “underlying” BVI company was Matrix International Limited. The shares of several of Rajiv Saxena’s flagship companies – some linked to AgustaWestland’s bribes – were to be pledged to the trust.

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In early 2014, the AgustaWestland agreement was canceled by the Indian government. The Saxena were first linked there in 2017 when Shivani Saxena was arrested at Chennai Airport.

Months before his arrest, in confidential emails, Rajiv Saxena instructed Trident Trust to “urgently” liquidate the Tanay Trust and Matrix UAE Trust structures and their BVI-related companies and transfer the shares to their constituent, Rajiv Saxena.

An email from May 2016 stated: “The client now wants the Trusts to be written off as well as the underlying companies as they no longer wish to formally dissolve them… We have informed them that the Trusts cannot be terminated in this way. , but they insist they can. Similar instructions were given by Rajiv Saxena to dissolve Mountwood Limited, another BVI company incorporated in 2014 through the Trident Trust.

Rajiv Saxena did not respond to questions from Indian express.

GAUTAM KHAITATAN: The Delhi-based lawyer was key to the complex money laundering structure put in place for the AgustaWestland deal and was arrested in December 2016 along with former Indian Air Force chief SP Tyagi. He is now out on bail.

Records show Gautam Khaitan acted as protector in offshore trusts for Aditya Khanna, the owner of the London-based restaurant who was named in the Volcker report into the Iraq food-oil scandal, and Radhe Shyam Saraf , owner of the Hyatt hotel in New Delhi. and the Yak & Yeti hotel in Kathmandu. The trust he created for Saraf is called Varunisha Trust.

In the case of Aditya Khanna, Gautam Khanna appears as the “professional intermediary” for the Glacier Trust set up by Trident Trust in the BVI. The company, through a complex structure, owns restaurants in London – Tamarind and Imli.

Responding to questions, Gautam Khaitan said, “My two clients you mentioned have been NRIs for decades. I was a professional intermediary for them and only they can tell whether the companies are active or not.

Aditya Khanna said: “I have been an NRI literally my entire life since 1983. I used the services of Trident to help me set up the Glacier Trust in 2012. The trust was created to hold shares of Fritton BVI, which was owned by a company by my late father to own shares in his UK food business which I inherited from him. The net worth of the trust, correlated to the value of the restaurants at the time, could be 3 , $ 5 million or more. I ultimately never used this structure which was then closed in 2013. Their existence at the time was disclosed to the UK Tax Authority / HMRC, and the Indian authorities are on it. also aware. ”

Radhe Shyam Saraf said: “I have been a non-resident Indian for over five decades. I would appreciate it if you understood that planning my wealth is a personal and private matter. ”

DEV MOHAN / SUSHANT GUPTA: The Gupta are among the families involved in the defense sector in India. In the AgustaWestland case, Dev Mohan Gupta’s son, Sushen Mohan Gupta, was one of the accused. Their company, Defsys Solutions Pvt Ltd, was also named in the AgustaWestland and Rafale contracts.

Pandora Papers records show that in 2005, Dev Mohan Gupta established the Lange Trust in the tax haven of Belize. The records name Dev Mohan Gupta as Settlor and his wife Shubra Gupta and his son, Sushant Mohan Gupta, as the first and second beneficiaries. There are no details on the value of the assets. In 2011, Dev Mohan Gupta signed a deed of dismissal for the Lange Trust.

Dev Mohan Gupta’s attorney, Nirvikar Singh, said: “My clients have no comment on this. “

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