Individuals from Meghalaya have been named in the recently-released Panama Papers, which also features number of noted politicians, celebrities, other individuals the world over. At least two offshore entities – Azure Enterprises Global Inc. and Eternal Enterprises Global Inc. – have been named in the Panama Papers with individuals from Meghalaya being shareholders in these two entities.
In the case of Azure Enterprises Global Inc. – Earce Clifford Kharsyntiew, Less Shylla, Bokstar Kurkalang, Kenneth Fletcher Rangad and Philip Palamalki – are the shareholders from Meghalaya. Kharsyntiew and Shylla have their local offices in Jaintia Hills while the other three individuals in Shillong. However, there are other shareholders in Azure Enterprises Global Inc. – Karishma Jain, Karan Jain and Reshmi Rohit Jain – who have their registered offices in Juhu, Mumbai.
In the other entity – Eternal Enterprises Global Inc. – the three Jains, Kharsyntiew, Shylla, Kurkalang and Rangad are the shareholders again. This entity was earlier known as Rodine Enterprises Global Inc.
Azure Enterprises Global Inc. and Eternal Enterprises Global Inc. have their jurisdiction in tax-haven British Virgin Islands, but have addresses linked to Chesterfield Group Limited, Chesterfield Building, Katokopias 7, Mesa Geitonia, PO Box 52099, 4060 Yermasogia, Limassol 4007, Limassol Cyprus. These two entities are active through 2015 and the agent is Mossack Fonseca.
Azure Enterprises Global Inc. was incorporated on January 4, 2010, while Eternal Enterprises Global Inc. was incorporated on August 11, 2008. Both the entities have Chesterfield Group Limited as the intermediary linked to Cyprus. In fact, Chesterfield Group Limited is connected to 1,140 entities spread around the world. These details have been shared by the International Consortium of Investigative Journalists (ICIJ). A whopping 37,000 files are related to India alone.
Of this database, there are 22 offshore entities with 42 intermediaries, 1046 officers or individuals with 828 addresses, all linked to India. ICIJ published the information in the public interest. ‘The new data that ICIJ is now making public represents a fraction of the Panama Papers, a trove of more than 11.5 million leaked files from the Panama-based law firm Mossack Fonseca, one of the world’s top creators of hard-to-trace companies, trusts and foundations,’ the Consortium of 370 journalists from 80 countries stated.
Although having offshore assets are permitted under the law, such assets have to be disclosed to appropriate financial agencies. Income Tax department, Enforcement Directorate and other financial authorities in the country can probe such non-disclosures.