The International Consortium of Investigative Journalists has included details of 13 Nepalis in the database that it released today revealing details of more than 200,000 offshore entities and people in more than 200 countries from the Panama Papers.
According to Syed Nazakat, who is founder of Dataleads and editor of ICIJ India, more names from Nepal are yet to be released.
The Nepal-based officers and master clients, allegedly involved in offshore businesses, are:
Bijesh Kumar Todi Agrawal
Bimal Kazi Tamrakar
Bishwa Barsingh Thapa
Bishwa Dhar Tuladhar
Dr Shyam Bahadur Karmacharya
Harish Kumar Todi
Professor Shatendra Kumar Gupta
Rajendra Kumar Karba
Shashi Kant Agrawal
The ICIJ has defined an officer as “a person or company who plays a role in an offshore entity.”
Likewise, the “master clients” are those who act as “often an intermediary or go-between who helps a client set up an offshore entity.”
Except Bijesh Kumar Todi Agrawal and Harish Kumar Todi, all of the persons named are from Kathmandu Valley. The Todi duo, according to the ICIJ, are based in Biratnagar of Morang.
There was, however, no any Nepali name involved in any “offshore entities,” which have been defined as “a company, trust or fund created in a low-tax, offshore jurisdiction.”
The data include offshore business investments from more than 30 years of period before 2010.
The ICIJ, however, maintained that, “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.”
Since early April, the ICIJ-coordinated limited release through roughly 100 media outlets of the ‘Panama Papers’ have become a worldwide scandal.
About 11.5 million leaked documents of the Panamanian law firm Mossack Fonseca, reveal large-scale use of offshore entities to conceal assets from tax authorities.