By Udumula Sudhakar Reddy
The International Consortium of Investigative Journalists has revealed in the Panama Papers that UAE-based NRI Madhu Koneru is a shareholder of Trimex Limited and Trimex Bahamas, which are registered in the Bahamas.
It was earlier reported that Mr Koneru was named in the Panama Papers twice for having offshore companies floated, using Mossack Fonseca as an agent. The offshore database revea-led that Trimex Limited and Trimex Bahamas of Bahamas, Kingsbridge Global of UAE, Minerals Energy and Commodities Holdings of Malaysia and MEC Resources were all offshore companies linked to Mr Koneru.ICIJ has issued disclaimers that there are legitimate uses for offshore companies and trusts.
Mr Koneru had earlier brushed aside the allegations stating that he was an NRI and to have foreign transactions and offshore companies was legal. He was earlier chargesheeted by the CBI in the Emaar scam in Hyderabad. Trimex Sands, owned by Mr Koneru’s family, was recently in thick of controversy regarding mining in Srikakulam which the legislative committee had found fault with.
The Public Accounts Committee of the AP Legislative Assembly had alleged that Trimex Sands had been violating norms in its beach sand mining activity in Vatsavalaa area in Srikakulam district. PAC members had observed that the company had resorted to illegal mining of beach sand on 387.72 acre of disputed land.
The International Consortium of Investigative Journalists has revealed in the Panama Papers that UAE-based NRI Madhu Koneru is a shareholder of Trimex Limited and Trimex Bahamas, which are registered in the Bahamas.
It was earlier reported that Mr Koneru was named in the Panama Papers twice for having offshore companies floated, using Mossack Fonseca as an agent. The offshore database revea-led that Trimex Limited and Trimex Bahamas of Bahamas, Kingsbridge Global of UAE, Minerals Energy and Commodities Holdings of Malaysia and MEC Resources were all offshore companies linked to Mr Koneru.ICIJ has issued disclaimers that there are legitimate uses for offshore companies and trusts.
The Public Accounts Committee of the AP Legislative Assembly had alleged that Trimex Sands had been violating norms in its beach sand mining activity in Vatsavalaa area in Srikakulam district. PAC members had observed that the company had resorted to illegal mining of beach sand on 387.72 acre of disputed land.
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