Panama Papers: Firm Linked to Amitabh Bought Ship From His Brother

Amitabh Bachchan had earlier denied links to four off-shore companies he was listed as the director of.

Bollywood superstar Amitabh Bachchan. (Photo: Reuters)

In the Panama Papers exposé, actor Amitabh Bachchan denied links with any of the four off-shore companies which have listed him as director. However, upon reviewing records, The Indian Express found that after he was appointed director, one of the four companies, Tramp Shipping Limited (Bahamas), obtained a ship from another company in the Bahamas which was co-owned by his brother Ajitabh Bachchan.

I have been an NRI since 1986 for about 20 years. I was involved in a perfectly legitimate shipping business in the early ‘90s. My brother Amitabh Bachchan had nothing to do with my shipping business.

Ajitabh Bachchan

The ship in question, MV Nile Delta, was earlier owned by Nile Shipping Ltd, an off-shore company set up by Ajitabh in 1990, in partnership with Mehernoosh Khatojia and a London-based lawyer, Sarosh Zaiwalla, reported The Indian Express.

Ajitabh Bachchan reportedly invested $15 million as seed capital, while Khajotia looked after the business, and lawyer Zaiwalla brought the partners together, the report said.

Zaiwalla said he had been informed at the time that the $15 million was Bachchans’ “own family wealth”.

I had assumed that both the brothers invested the money but I had not at that time specifically asked Ajitabh if what were said to be Bachchan family funds belonged to both Amitabh and Ajitabh’s families or they simply belonged to Ajitabh’s family.

Sarosh Zaiwalla, the third partner in Nile Shipping Ltd. 

Nile Shipping was reportedly dissolved soon after Tramp Shipping acquired the ship in question. Another company, Sea Bulk Shipping Company, which also had Amitabh as Director, held shares issued by Tramp.

In 1994, Khajotia’s firm took a loan of $ 1.75 to buy out shares of Tramp Shipping from Sea Bulk, for which his firm mortgaged another ship owned by Tramp. According to The Indian Express, Amitabh sat in the board meetings of Tramp and Sea Bulk to authorise the deal.

I wish to state that queries continue to be sent to me by the media. I would humbly request them to kindly direct these to the GOI (Government of India) where I, as a law-abiding citizen have already sent, and shall continue to send, my responses. I stand by my earlier statement on the ‘misuse of my name’ in the matter and in any event the press reports do not disclose any illegal act committed by me.

Amitabh Bachchan in an earlier statement. 

Also Read: The What’s What and Who’s Who of the Panama Papers Leak