Black wealth: Paradise Papers leak has 714 Indian names

News Network
November 6, 2017

New Delhi, Nov 6: A year after the Panama Papers, a new set of data taken from another offshore law firm, Appleby, could expose the hidden wealth of individuals, including Indians, and show how corporations, hedge funds and others may have skirted taxes.

Among the 180 countries represented in the data (being dubbed Paradise Papers), India ranks 19th in terms of the number of names, a report on Indian Express website said.

In all, there are 714 Indians in the tally, it reported. Interestingly, an Indian firm figures as Appleby's second-largest client globally, with at least 118 different offshore entities, it said.

The disclosure comes two days before the NDA government marks the first anniversary of the demonetization drive on November 8, which the Centre will observe as Anti-Black Money Day.

The leaked documents also show that US commerce secretary Wilbur Ross, the Trump administration's point man on trade and manufacturing policy, has a stake in a firm that does business with a gas producer partly owned by the son-in-law of Russian l President Vladimir Putin.

According to records obtained by the International Consortium of Investigative Journalists (ICIJ), Ross is an investor in Navigator Holdings, a shipping giant that counts Russian gas and petrochemical producer Sibur among its major customers. Putin's son-in-law Kirill Shamalov once owned over 20% of the company, but now holds a much smaller stake.

The latest revelations come out of an investigation led by the ICIJ, which was provided data collected in an alleged hack in 2016 of Appleby Global Group Services, a Bermuda firm providing legal services for hedge fund managers and corporations.

The leak also revealed that millions of pounds from the private estate of Britain's Queen Elizabeth II have been invested in offshore tax haven funds.

Around £10 million ($13 million, EUR11.3 million) of the Queen's private money was placed in funds held in the Cayman Islands and Bermuda.

The investments, which were entirely legal, were made through the Duchy of Lancaster, which provides the monarch with an income and handles investments of her vast estate and remain current, the media outlets said.

There is no suggestion that the Queen's private estate acted illegally or failed to pay any taxes due. But the leaks may raise questions over whether it is appropriate for the British head of state to invest in offshore tax havens.

Reporters working with the ICIJ, which was also behind the release of the Panama Papers, are reviewing the millions of pages of documents that reveal strategies used to hide assets and avoid taxes.

Among the individuals and companies expected to be cited in the articles are Glencore Inc and Yuri Miltner, an early backer of Facebook.

Appleby has said its data was breached and that it investigated issues raised by journalists and found no evidence of wrongdoing.

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News Network
November 19,2024

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In the wake of the tragic drowning of three students at a resort near Ullal on the outskirts of Mangaluru city, the tourism department in Dakshina Kannada is set to implement comprehensive safety guidelines for properties with swimming pools or beach access. This initiative aims to ensure guest safety and prevent similar incidents in the future.

New Safety Mandates for Resorts and Homestays

Rashmi S.R., deputy director (in-charge) of the tourism department, announced, “We will instruct all homestays and resorts to enforce precautionary measures, especially those with pools or direct beach access. Properties must ensure 24/7 supervision, particularly during guest hours. This tragedy highlights the importance of having trained personnel on-site.”

Key Safety Guidelines

The district, home to around 150 homestays and 130 resorts, will see the following measures enforced:

  • Clearly displaying pool depths.
  • Installing adequate safety equipment, such as life buoys.
  • Employing trained lifeguards at all times.
  • Establishing clear pool operating hours.
  • Reviewing and implementing standard operating procedures (SOPs) for pool and beach usage.

Booming Beach Tourism Calls for Vigilance

Manohar Shetty, president of the Association for Coastal Tourism (ACT), Udupi, highlighted the growing popularity of beachside resorts, particularly during peak seasons. Properties in Udupi, often fully booked with tourists from Bengaluru, Mysuru, Kodagu, and Shivamogga, face increasing pressure to maintain safety standards.

Udupi district boasts 22 beachside commercial properties catering to this rising demand.

Shetty emphasized, “Authorities must scrutinize safety measures and carefully evaluate guidelines before issuing new resort licenses. Panchayats should rely on the Karnataka Town and Country Planning Act when handling such cases.”

Long-Term Solutions for Water Safety

Recognizing the need for a cultural shift in water safety, Shetty proposed integrating swimming lessons into school curricula. This move would not only equip students with essential skills but also encourage safe participation in water-based activities.

A Safer Tomorrow for Coastal Tourism

As the tourism sector thrives, Mangaluru’s proactive approach underscores its commitment to visitor safety. The tragic incident serves as a wake-up call, propelling the industry towards stricter regulations and better preparedness, ensuring that coastal vacations remain both enjoyable and safe.

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News Network
November 18,2024

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Mangaluru: The Ullal police have arrested Manohar, the owner of Vazco Beach Resort, and its manager Bharath in connection with the drowning of three college girls from Mysuru at the resort’s swimming pool on November 17.

City Commissioner of Police Anupam Agrawal confirmed the arrests, stating that a case has been registered under Section 106 of BNS. The bodies of the victims, all in their twenties, have been handed over to their parents. The women had arrived at the resort for a weekend getaway on November 16.

Following the tragic incident, the resort was sealed by officials led by Mangaluru Assistant Commissioner Harshavardhan. The trade license of the resort, issued on June 13, 2024, has been suspended, and the tourism department has temporarily revoked the resort's registration. These actions prohibit the resort from engaging in any tourism-related activities until further notice.

Someshwara TMC Chief Officer stated that the suspension was due to the resort's failure to implement adequate safety measures, which resulted in the loss of three lives. Further investigations are underway.

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News Network
November 23,2024

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Bengaluru: In a boost to the ruling Congress in Karnataka, the party on Saturday swept the by-polls to three Assembly segments, causing a major setback to the BJP-JD(S) alliance in the state.

The Congress has retained Sandur, the seat considered to be its strong hold, and has also bagged Shiggaon and Channapatna segments, which were earlier held by BJP and JD(S) respectively.

The November 13 by-polls to Sandur, Shiggaon and Channapatna Assembly segments had witnessed a fierce fight between the ruling Congress and a combative BJP-JD(S) alliance.

The by-polls to Sandur, Shiggaon and Channapatna were necessitated as the seats fell vacant following the election of their respective representatives -- E Tukaram of Congress, former CM Basavaraj Bommai of BJP, and Union Minister Kumaraswamy of JD(S) to Lok Sabha in May elections.

The by-polls witnessed a straight fight between the ruling Congress and BJP in Sandur and Shiggaon segments, while in Channapatna, JD(S) which is part of the NDA alliance took on the grand old party.

Congress' C P Yogeeshwara won the Channapatna segment, defeating JD(S) candidate and Kumaraswamy's son Nikhil Kumaraswamy, by a margin of 25,413 votes.

Former CM Basavaraj Bommai's son Bharath Bommai of BJP faced defeat against Congress' Yasir Ahmed Khan Pathan in Shiggaon Assembly segment by a margin of 13,448 votes.

In Sandur, Congress candidate E Annapoorna, the wife of Bellary MP E Tukaram, won the seat vacated by her husband, by a margin of 9,649 votes.

Congress' win in the by-poll is seen as an endorsement of both Chief Minister Siddaramaiah and his deputy D K Shivakumar's leadership, and the government's programmes, especially the five guarantee schemes.

Nikhil Kumaraswamy and Bharath Bommai, the third generation of Gowda and Bommai family respectively, who contested this bypolls, have lost. Their fathers and grandfathers had served as Karnataka's Chief Ministers in the past.

While for Bharath Bommai this was his electoral debut, for Nikhil it was his third electoral loss.

Among the three segments, Channapatna was considered to be a high profile battle, where the contest was between C P Yogeeshwara and actor-turned-politician Nikhil Kumaraswamy.

A five-time MLA from the segment and a former Minister, Yogeeshwara had joined the Congress after quitting BJP ahead of nomination.

There were plans to field Yogeeshwara on a JD(S) ticket, but he was not interested in it, and instead wanted Kumaraswamy to support him as BJP candidate. This was not acceptable to Kumaraswamy and his party, following which Yogeeshwara jumped ship.

However, Kumaraswamy had subsequently said he had agreed to Yogeeshwara contesting from BJP, and despite that he jumped ship to Congress, under the influence of Deputy Chief Minister D K Shivakumar and his brother and former MP D K Suresh.

Nikhil had faced defeat in 2019 Lok Sabha and 2023 Assembly polls. It is seen as a setback for Kumaraswamy too, as he could not ensure son's win from the Channapatna, the seat he had twice represented in the past.

Congress' win is crucial for Shivakumar, who is also the state Congress chief and his brother Suresh to strengthen their position in their home district of Ramanagara, a Vokkaliga heartland.

In Shiggaon, BJP's Bharath Bommai, son of Basavaraj Bommai lost against Congress' Yasir Ahmed Khan Pathan, who had faced defeat against the former Chief Minister in the 2023 Assembly polls.

Initially, former MLA Syed Azeempeer Khadri, a Congress' ticket aspirant, had raised a banner of revolt in Shiggaon, by filing his nomination as an independent, but later withdrew after intervention by party leadership.

In Sandur, Bellary MP Tukaram's wife E Annapurna of Congress won from the seat vacated by her husband, against BJP ST Morcha president Bangaru Hanumanthu, who is considered close to party leader and former mining barron G Janardhan Reddy.

Sandur is a Congress' bastion, and Tukaram had represented it four times.

Congress winning the by-polls is seen as "crucial" for Chief Minister Siddaramaiah to assert himself , amid demands for his resignation following charges against him in the MUDA site allotment case.

There were also behind-the-scenes political activities within the ruling Congress earlier this year, with a few ministers in his Cabinet holding closed door meetings, fueling speculation about leadership change. But such activities came to a halt following instructions from the party high command.

It is equally important for Shivakumar, who has not shied away from openly expressing his Chief Ministerial ambitions, amid speculations over "rotational Chief Minister formula," according to which he will become CM after two-and-half years (in this govt's five years tenure), but they have not been officially confirmed by the party.

The defeat in this by-poll is seen as a setback for state BJP President Vijayendra, who has been facing intense criticism and opposition from a section within the party, who have raised a banner of revolt against his leadership accusing him and his father, veteran leader B S Yediyurappa of "adjustment politics".

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