Pandora Papers: Oswal’s BVI firm sold coal from Indonesia mine he partly owned

Thursday, 14 October 2021Newsdesk

SHAEL OSWAL, singer and scion of Oswal Group, used his offshore company in the British Virgin Islands to market coal sold by an Indonesian mining company that he partly owned, according to records in the Pandora Papers investigated by The Indian Express.

New Delhi, 14 October 2021

As per news report of The Indian Express, During 2010-2011, records show, almost the entire sale of coal mined by PT Garda Tujuh Buana TBK (GTBO) took place through Briskon Holdings Ltd (BVI) which also received over $21 million from the Indonesian company for supplying machinery. Oswal did not respond to queries from The Indian Express on whether he had disclosed his ownership of Briskon Holdings to GTBO and its shareholders, and regulators. In 2009, Oswal moved to Singapore, set up a company structure to hold a 30 per cent stake in GTBO through Alata Overseas PTE Ltd (Singapore), and became the beneficial owner of Briskon Holdings (BVI).

Source - indianexpress.com