Tuesday, 30 August 2016

Panama Papers: Companies genuine, says Industralist Prasad’s son --- It is a British Virgin Islands company and has nothing to do with Panama, says Prasad's son.

By Udumula Sudhakar Reddy

The Panama Papers mentions the name of industrialist Motaparti Siva Rama Vara Prasad thrice, for having offshore companies in Ghana and Togo in Africa.

Mr Prasad’s son Sunil Motaparti of Bitchemy Ventures, said: “All the offshore companies are genuine. I don’t know about other companies except Bitchemy. It is a British Virgin Islands company and has nothing to do with Panama. Bitchemy is a vehicle company for investments in firms based in the US and Malaysia. It is more of a holding company.”

ICIJ, while put the Panama Papers database for public view, had stated: “There are legitimate uses for offshore companies and trusts. We do not intend to suggest or imply that any persons, companies or other entities included in the ICIJ Offshore Leaks Database have broken the law or otherwise acted improperly. Many people and entities have the same or similar names.”

The ICIJ stated: “Explore a searchable database that strips away the secrecy of nearly 214,000 offshore entities created in 21 jurisdictions, from Nevada to Hong Kong and the British Virgin Islands.”

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