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Journalism of Courage
The two offshore shell companies registered in British Virgin Islands (BVI), named by Financial Times as vehicles that invested in Adani stocks, are linked to the Adani Group, according to records of offshore corporate service provider Trident Trust accessed by The Indian Express as part of the Pandora Papers investigation with the International Consortium of Investigative Journalists.
According to Financial Times, based on documents accessed by Organised Crime and Corruption Reporting Network, a global journalists’ network, the two individuals behind these firms were associates of Adani Group chairperson Gautam Adani’s brother Vinod Adani: United Arab Emirates national Nasser Ali Shaban Ahli and Taiwan national Chang Chung-Ling.
While Ahli used Gulf Asia Trade and Investment Limited, Chang used Lingo Investment Limited.
To pick up and trade in Adani stocks, funds from unknown sources, reported FT, were channelled by these BVI shell companies through the Emerging India Focus Funds (Mauritius) and the EM Resurgent Fund (Mauritius) under the Global Opportunities Fund (Bermuda). Any promoter link to these offshore companies would mean that Adani companies breached the 75% ceiling set by SEBI for promoter shareholding.
Corporate records, accessed by The Indian Express, reveal the web of networks through which office-bearers and employees of Adani companies controlled these two BVI shell companies.
Under rules of the Prevention of Money Laundering Act (PMLA), SEBI records show, the Emerging India Focus Funds and the EM Resurgent Fund declared Trident Trust Company Ltd as the beneficial owner.
A month after Gulf Asia Trade and Investment Limited (BVI) was incorporated in May 2011, records show, a Dubai-based Chartered Accountant firm wrote to Trident Trust asking whether “hand written documents will be accepted… when they want to do the share transfer” of the company.
The attached draft of that share transfer agreement stated that Nasser Ali Shaban Ahli was “desirous of selling his 100% shareholding” to Rakesh Shantilal Shah, who was identified with his Indian passport number.
This also included a draft Power of Attorney “to be exercised singly” by Shah to invest in properties and stocks in the name of the company.
As reported by The Indian Express under the Panama Papers investigation, Rakesh Shantilal Shah in 1996 replaced Vinod Adani’s wife Ranjanben as director in GA International Inc (Bahamas), a company set up by Vinod and Ranjanben in 1994.
Rakesh Shantilal Shah also served as director in Adani Global FZE (Jebel Ali, Dubai) along with Vinod Adani.
As for Lingo Investment Limited, on its day of incorporation in August 2010, records show that it granted Power of Attorney to Tejal Ramanlal Desai, along with director Chang, to operate bank accounts and invest in properties, stocks etc.
An April 2022 order of the Principal Commissioner of Customs (Ahmedabad) identifies Tejal Desai as an employee of Adani Global FZE.
Records also show that the same Dubai-based Chartered Accountant firm, which drafted the share transfer document for Gulf Asia Trade and Investment Limited, paid the corporate fees to Trident Trust for Lingo Investment Limited (BVI).
A spokesperson for the Adani Group, when asked about these two individuals Thursday, declined to comment.
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