Amitabh Bachchan denies links with offshore companies, says name misused on Panama Papers

Amitabh Bachchan claimed that The Indian Express report had not suggested any wrongdoing on his part.

By: Express News Service | Mumbai | Updated: April 7, 2016 4:48 pm
Amitabh Bachchan, Amitabh Bachchan Panama Papers. Panama Papers Amitabh Bachchan, Amitabh Bachchan claimed that The Indian Express report had not suggested any wrongdoing on his part.

Responding to The Indian Express report on the Mossack Fonseca documents naming him as director of four offshore shipping companies registered in the British Virgin Islands and the Bahamas, actor Amitabh Bachchan Tuesday denied any connection with the companies, saying “it is possible that my name has been misused”.

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In a statement, he said: “In any event, the news report in Indian Express does not even suggest any illegality on my part”.

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This is the statement released by Bachchan: “I do not know any of the companies referred to by 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.”

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“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.”

Mossack Fonseca records show that the four companies, in which Bachchan was appointed director, were registered in tax havens — one in the British Virgin Islands and three in the Bahamas in 1993. The authorised capital of these companies, according to the documents, ranged between $5,000 and $50,000 but they traded in ships worth millions of dollars.

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