Paradise Papers: GMR firm bought plane, sold it in two weeks at loss
For, within a fortnight, GADL sold this plane to a US-based aircraft sales and acquisition company Avpro Inc. for $23 million — thereby incurring loss of $4.5 million in its books.
Written by Sandeep Singh | New Delhi | Published:November 9, 2017 4:45 am
Appleby documents show that even as GMR group incurred a loss of .5 million, its transactions were structured in a manner that they escaped the VAT.
Appleby records investigated by The Indian Express show that GMR Airport Developers Limited (GADL) International, a GMR Group group company registered in the Isle of Man, purchased a Falcon 2000 aircraft on December 9, 2013 — a 10-seater passenger plane — from France’s Dassault for $27.5 million setting off a series of curious transactions.
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