Pandora Papers: Cricketer Sachin Tendulkar named in leak exposing offshore dealings

Tendulkar, his wife and father-in-law were ‘beneficial owners’ of an offshore entity in the British Virgin Islands, which was liquidated in 2016, investigation alleges

Sravasti Dasgupta
Monday 04 October 2021 15:28
Comments
<p>File photo of Sachin Tendulkar </p>

File photo of Sachin Tendulkar

Indian cricket legend Sachin Tendulkar and his family members have been mentioned in a list of more than 300 world leaders, politicians and influential figures who allegedly used global tax havens as part of their complex tax arrangements .

The Pandora Papers investigation, which involved a consortium of some 600 journalists from a variety of global media outlets, is based on the leak of 11.9 million documents from 14 financial services companies around the globe.

The International Consortium of Investigative Journalists (ICIJ) obtained the documents, which were then passed on to BBC, The Guardian and 150 other media outlets across the world. The leaked documents lay bare how the global elite use offshore tax havens to store and move their money.

Tendulkar, his wife Anjali Tendulkar and father-in-law Anand Mehta were “beneficial owners” of an offshore entity called Saas International Limited in the British Virgin Islands, which was liquidated in 2016, according to The Indian Express, the Indian newspaper which is part of the ICIJ and has investigated the leaked financial data linked to India for a year.

According to investigations by Alcogal, a Panama law firm that is part of the Pandora Papers investigation, Saas International Limited was liquidated three months after the Panama Papers exposé . At the time of liquidation, its shares were bought back by shareholders. The average buyback price of the shares of Saas International Limited was around $96,000.

While 90 shares of the company were issued at the outset, the first share certificate with 60 shares was in the name of Ms Tendulkar, while the second share certificate was issued to her father with 30 shares. There were no details of buyback of the remaining shares, but the value of 90 shares was $8.6 million.

The company was formed on 10 August, 2007, and liquidated in 2016. During this time, Tendulkar was nominated to the Indian parliament. So in the Alcogal documents, Tendulkar appears as a “politically exposed person”.

His team has denied any illegalities.

“The referenced investment by Mr Tendulkar has been made by him from his tax paid funds under the Liberalised Remittance Scheme (LRS) and has been duly accounted for and declared in his tax returns,” Mrinmoy Mukherjee, CEO and director of the Sachin Tendulkar Foundation, told The Indian Express.

Around 35 world leaders and more than 100 billionaires are implicated in the Pandora Papers —considered one of the largest ever leaks of financial data. Among those named in the files are British prime minister Tony Blair, associates of Russian president Vladimir Putin, King Abdullah of Jordan, and Czech prime minister Andrej Babis.

In India, businessmen Anil Ambani and Kiran Mazumdar Shaw also feature on the list.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged in