The massive Panama leaks by the International Consortium of Investigative Journalists that also has Indian Express as one of their members have rocked organizations the world over by naming people such as Russia’s Vladimir Putin, Amitabh Bachchan, Aishwarya Rai and Adani among 500 Indian personalities who allegedly evaded tax by setting up companies in Tax havens all over the world.
We were curious to find out if someone from Jammu and Kashmir has featured in the list and it so happens that a Kashmir Based family has infact featured in the highly controversial leaks, which are controversial because of the sheer nature of the numbers and statures of the people named in them.
The name of the family of Kashmir origin was featured in the list 1 published by Indian Express two days ago.
Abdul Rashid Mir & Tabasum of the Cottage Industries Exposition
This part of the information has been sourced from a main article on DNA.
Cottage Industries Exposition (CIE) founder and CEO Abdul Rashid Mir, floated Mondale SA with a authorised capital of $10,000, divided into 100 shares. the company was floated on September 4, 2002. He held the Power of Attorney from December 2, 2002, to open a bank account with Banque Baring Brothers (Suisse) SA, the report says.
— Ten days later the company issued bearer shares and Mir’s son Mujeeb subscribed “as shareholder to the entire authorised share capital of the company” on October 8, the report said.
— The Indian Express reported that Mujeeb’s parents were appointed additional directors in Mondale SA, after he was murdered in Mauritius.
On July 5, 2007, Mir held a meeting with a Mr Woernle of Banque Baring Brothers Sturdza SA, to cancel the discretionay management power granted to the bank over the company’s account with the Bank, the report said.
Mondale SA then replaced Secretan Troyanov, a Geneva-based law firm with Swiss LLC, as its administrator.
Response to the allegation
Tabasum Mir said that neither him, nor Abdul Rashid Mir had ever held a stake or any control in the company. He said that the company was incorporated and run by a trust founded by the late Mujib Mir, an NRI, the Indian Express report says. After Mir’s death, the Trust was dissolved and the proceeds distributed amongst his family members who have all disclosed the benefits to the government.