Kiran Mazumdar-Shaw said on Monday that media reports on the ‘Pandora Papers’ leak have falsely implicated her husband’s offshore trust, and dubbed the organization “genuine” and “legitimate”.
The industry veteran said that both she and her husband are law-abiding citizens.
Anil Ambani, Vinod Adani, Jackie Shroff, Kiran Mazumdar-Shaw, Nira Radia, Sachin Tendulkar and Satish Sharma are among the many Indians who have appeared in the ‘Pandora Papers’ that revealed the financial wealth of world leaders .
Ms. Mazumdar-Shaw said, “Media stories reporting on the Pandora Papers falsely implicate my husband’s offshore trust, which is a genuine, legitimate trust and is managed by independent trustees. “The key does not hold,” Ms Mazumdar-Shaw, executive chairman of biotechnology major Biocon, said in a tweet.
Media stories reporting on the Pandora Papers falsely implicate my husband’s offshore trust, which is a genuine, legitimate trust and is managed by independent trustees. As alleged in these stories, no Indian resident has a “key” to the trust.
— Kiran Mazumdar-Shaw (@kiranshaw) 4 October 2021
Later, in a regulatory filing, he elaborated on offshore trusts.
“My husband, John Shaw, is a UK citizen who, from his foreign exchange earnings, founded an investment company, Glentech International, in 1999 for Biocon (long before it became a publicly listed company) and Unilever plc for various to acquire shares of real estate and other investments in the public markets,” said Ms. Mazumdar-Shaw.
He said Glentech is a registered entity in Mauritius, which has been disclosed to both RBI and SEBI.
“When Biocon went public in 2004, Glentech’s stake in Biocon was disclosed and this information remains in the public domain. According to the latest disclosures from the stock exchanges, Glentech holds 19.76 percent of Biocon Limited.”
He further added that Glentech is a genuine offshore company (99 per cent owned by John Shaw), whose income from India largely consists of tax paid dividends from Biocon Ltd.
He said that John Shaw’s tax returns filed in India report his stake in Glentech and as a director.
In addition, Glentech is audited in accordance with the statute and its dividend income from Indian companies is fully disclosed, Ms. Mazumdar-Shaw said.
Commenting on the Deanstone Trust, he said it was established by Glentech in 2015 with the aim of enabling philanthropic endowments and estate planning for both John Shaw and his family members.
“It is a genuine offshore trust managed by independent trustees who are foreign nationals, not resident in India,” he said, adding that Glentech is the sole settlor of the Deanstone Trust.
Ms. Mazumdar-Shaw further added, “Both John Shaw and I are neither trustees, settlors, nor beneficiaries of this trust. The beneficiaries of this trust, who are family members, are foreign nationals and are not resident Indians “
He said that the philanthropic beneficiaries of the trust are primarily educational institutions and the contributions or endowments made to them are all in the public domain.
“These are completely baseless allegations. Both John Shaw and I are law-abiding citizens and have always been in compliance with all applicable regulations,” said Ms. Mazumdar-Shaw.