The three brothers of the Salgaocar clan, Dattaraj Salgaocar, the late Anil Salgaocar and Shivanand Salgaocar, have created trusts and offshore companies, reveal the documents of Pandora Papers investigated by Indian express.
According to documents kept by Asiaciti Trust Services, Dattaraj Salgaocar, owner of VM Salgaocar Group, is presented as the beneficiary of The Annemecore Trust in New Zealand. Pursuant to the trust deed, Annemecore was established on July 4, 2011, with Mirabaud Trust (New Zealand) Ltd as trustee.
On July 26, 2011, Mirabaud adopted a resolution declaring that the settlor of the trust had transferred âall of its participation in a Panamanian company, Castelnor Services Inc. to the trustâ. The resolution did not name the settlor of the trust.
On September 23, 2011, the trustee passed another resolution to dissolve Castelnor Services, the trust’s wholly owned company, and distribute the money in a Swiss bank account from Castelnor to Dattaraj Salgaocar.
A notice from the Annemecore Trust trustee to the New Zealand Inland Revenue Department reveals that after the money was distributed to Salgaocar, the trust was dissolved in January 2012.
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According to the Pandora Papers, Shivanand Salgaocar has also created three companies: Kayler International Limited in BVI; Indochina Alliance Limited in Samoa and Citigrand International Ltd in Hong Kong via Asiaciti Trust Services.
While Indochina Alliance was established in 2005 with Shivanand Salgaocar as beneficial owner, Kayler International and Citgrand International were both established in 2004. The beneficial owner of Kayler is Shivanand and his wife Ranjana, while the owner of Citigrand is the daughter of Shivanand Swati Salgaocar. .
The director of the three companies is Westco Directors Limited, based in Samoa. All businesses have linked foreign bank accounts. For example, Kayler International and Citigrand International sought to open bank accounts with Bank of East Asia Ltd in Hong Kong, while Indochina Alliance opened an account with Deutsche Bank in Singapore.
Kayler International, according to records, was established to hold investments, while Citigrand International’s business is to undertake “business activities involving the export of materials from India, China and to receive trade commissions. “.
Shivanand Salgaocar, the chairman and CEO of the Vimson group which has interests in mining and real estate, was previously named in the structured data âOffshore Leaksâ released by the ICIJ in 2013. In this, Salgaocar was linked with a Hong Kong-based company, Jade Sky International Ltd.
Besides Shivanand, six companies created by his brother, the late Anil Salgaocar, appear in the Pandora Papers. These BVI companies are: Crown Bright Trading Ltd; General Harvest International Ltd; Ling Tao Trading Limited; Nickon Enterprises Limited; Sing Ling Tao Resources Limited; and Horizon Villa Investments Limited which were incorporated with the assistance of Mossack Fonseca (MF) as previously reported by The Indian Express (in the Panama papers 2016) are now managed by Panama-based business services provider, OMC Group.
The Pandora Papers show that as early as 2005 Anil Salgaocar resigned from the six companies and transferred his stake to his former business partner Darsan Jitendra Jhaveri. In 2015, Salgaocar took legal action against Jhaveri in Singapore, claiming that Jhaveri held many assets in trust for him and had not accounted for them. Anil Salgaocar died in 2016, but his wife Lakshmi Salgaocar, who is the administrator of the Salgaocar estate, is now fighting a legal battle with Jhaveri.
Emails to Dattaraj Salgaocar and Shivanand Salgaocar did not elicit any response. Dattaraj Salgaocar’s office said he was abroad until the end of October. Emails and calls to the official spokesperson for the Vimson Group went unanswered. Phone calls and texts to Sameer Salgaocar, son of the late Anil Salgaocar, did not elicit any response.