Pandora Papers: Post-Ranbaxy, Singh brothers, now in jail, opened 2 offshore firms

Friday, 8 October 2021Newsdesk

In January 2009, just six months after the family sold its 34.8 per cent stake in Ranbaxy Laboratories to Japanese pharma major Daiichi Sankyo for around $2.4 billion, Malvinder Singh and his younger brother Shivinder Singh set up two offshore firms in the British Virgin Islands, records in the Pandora Papers investigated by The Indian Express reveal.

New Delhi, 08 October 2021

As per news report of The Indian Express, These records show that the two firms, Clonberg Holdings Ltd and Forthill International Ltd, own an apartment each in London. Besides, they show, Shivinder Singh mortgaged some properties of Forthill International to borrow £5.1 million from Barclays Bank. Both Malvinder and Shivinder are in Tihar jail for two years on charges of alleged illegal diversion of funds and money laundering. Mails sent to their families did not elicit any response. Pandora records show that Clonberg Holdings and Forthill International were registered in BVI on January 2, 2009, through Aleman, Cordero, Galindo & Lee Trust (BVI) Limited. Clonberg had issued 44.5 lakh shares, and Forthill 48.5 lakh shares as of May 2018.

Source - indianexpress.com