Paradise Papers: Questions raised, Hindujas took trust route to waive debt to group company
In the case of Hinduja Group, Appleby worked during 2014-15 to replace Jersey-based Rozel Trustees (Channel Islands) Limited and Novatrust Ltd as the trustee for The Acorn Trust.
Written by P Vaidyanathan Iyer | New Delhi | Updated: November 7, 2017 5:25 am
Appleby called them ‘some of the most powerful’ in world.
The Hinduja Group, with revenues of over $25 billion and employing 100,000-plus people, effectively utilised a “trust” structure and its opaqueness to waive over $78 million in debt to a group holding company despite the trustees pointing out that the act would benefit the Hinduja family members, Appleby records show.
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