Paid tax, possible my name misused,' reacts Bachchan to Panama Papers

Mumbai: “I have paid all my taxes including on monies spent by me overseas,” actor Amitabh Bachchan has finally responded to his name figuring in the Panama Papers – a trove of 11.5 million leaked documents from Panama law firm Mossack Fonseca that has lifted the lid on murky offshore financial dealings of politicians and celebrities worldwide.

His full statement released on Tuesday evening, almost two days after the story broke, read:

"I do not know any of the companies referred to by Indian Express - Sea Bulk Shipping Company Ltd, Lady Shipping Ltd, Treasure Shipping Ltd, and Tramp Shipping Ltd. I have never been a director of any of the above stated companies. It is possible that my name has been misused. I have paid all my taxes including on monies spent by me overseas. Monies that I have remitted overseas have been in compliance with law, including remittances through LRS, after paying Indian taxes. In any event the news report in Indian Express does not even suggest any illegality on my part."

The scandal erupted Sunday when media groups began revealing the results of a year-long investigation into the leaked confidential documents from Mossack Fonseca, which specialises in creating offshore shell companies, operating out of ‘tax haven’ Panama. The Indian Express was the Indian partner.

The paper reported that Amitabh Bachchan was appointed director of four offshore shipping firms – one in the British Virgin Islands, 3 in the Bahamas. These were set up in 1993. The authorised capital of these companies was between 5,000 to 50,000 dollars but they traded in ships worth millions of dollars.

Bachchan’s daughter-in-law Aishwarya’s name too figures on the Panama list.

The Express report says Rai, along with her father Kotedadi Raman Rai Krishna Rai, mother Vrinda Krishna Raj Rai and brother Aditya Rai were registered in 2005 as directors of Amic Partners Limited. Her status was later changed to shareholder before the company was dissolved in 2008.

The Express report says: “On June 18, 2005, an Amic board resolution changed Rai’s status to shareholder. And on July 5, 2005, internal instructions exchanged between MF staff stated: ‘One of the shareholders requested to shorten her name from Ms Ashwaria Rai (sic) to Ms A Rai for reasons of confidentiality. The same was mutually agreed and consented by all directors and shareholders.’ In 2008, a year after Rai married Abhishekh Bachchan, the process to wind up the company was initiated, show records.”

Aishwarya’s media adviser had rubbished the reports, calling it “totally untrue and false”. He described the report as “sensationalist”.

Over 500 Indians figure in the Panama Papers, among them are Amitabh and Aishwarya Rai Bachchan, Indiabulls owner Sameer Gehlaut, DLF promoter KP Singh and others.

Among world biggies named in the Panama Papers are close associates of Russian President Vladimir Putin, relatives of Chinese leader Xi Jinping and Iceland's Prime Minister Sigmundur David Gunnlaugsson, as well as Barcelona striker Lionel Messi.