KATHMANDU: On October 3, the world’s biggest journalist collaboration, coordinated by the International Consortium of Investigative Journalists (ICIJ), uncovered leaked papers, exposing the hidden assets of rich capitalists, including prominent Nepalese traders.
The 2.94 terabyte of confidential financial data complied is the most extensive breach of tax haven files in history, based on a exposé of private documents from 14 offshore services.
The findings by ICIJ in Nepal revealed 16 notable traders involved in illegal investment in Tax Haven countries by secretly opening ‘Offshore Company’. The ICIJ reported they used front corporate entities registered in the British Virgin Islands (BVI) in the names of family members and associates to launder money and avoid detection.
Prominent among the list in the Pandora Papers include Nepal’s only Forbes-listed billionaire Binod Chaudhary and four other member of his family, four members of the Golchha organization and Yak and Yeti hotelier Radhe Shyam Saraf.
Chaudhary family controls three offshore firms — Cinnovation Inc. , CG Hotels and Resorts Limited, and Sensei Capital Partners Inc. As per the law, Nepalese require to get authorization from the Central Bank before making investments overseas. The Nepal Rastra Bank records showed only billionaire Chaudhary sought authorization for Cinnovation Inc. Aside from this, the Central Bank said it had not authorized any other investment company or permits for the remainder of the family members.
Other Nepalese businessmen identified in the Pandora report and who have invested in suspected offshore tax havens are Lok Manya Golchha, Chandra Kumar Golchha, Hitesh Golchha of Golchha Organization, Ajeya Raj Sumargi, chairman of Muktishree group and executive director of the Nepal Satellite Telecom Pvt. Ltd., Sumargi’s relative Arjun Prasad Sharma, Kishor Rana, Rajendra Shakya of Guna Groups, Suhrid Raj Ghimire- Kia dealer in Nepal, Ghimire’s business partner Purushottam Paudyal, Sudhir Mittal of Shree Airlines, Radhe Shyam Saraf of Hotel Yak & Yeti.
Acknowledged to be the massive data leak in record, the Pandora Papers will escalate global controversy over the huge extent of offshore tax havens at a time of heightened concern on economic inequality.
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