Paradise Papers: Before winding it up, Cognizant waived loans to its Isle of Man entity
Paradise Papers: While the stated reason for setting up the company was to bring a team of up to five people to the Isle of Man to deliver a project for Lloyds TSB, the group decide to wind up the company in Isle of Man stating that it has not been generating revenues.
Written by Sandeep Singh | New Delhi | Published:November 10, 2017 6:17 am
Cognizant Technology Solutions Corporation, a global IT major with a turnover of over $13 billion in 2016, approached Appleby in October 2010 to set up a company, CTS Isle of Man (CTS IoM), to provide service to Lloyds TSB, a British bank with branches across England and Wales, in the Isle of Man and implement a new platform. However, within two years of its registration, the company initiated the process of winding up this firm in June 2012 before dissolving it in May 2014.
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