Panama Papers fallout in India

Industrialist with political ties stepped down

Industrialist with political ties stepped down

A widely read investigative piece by Sudhakar is the reporting of Motaparti Sivarama Prasad’s name being mentioned thrice in The Panama Papers that contained information of individuals hoarding unaccounted wealth in off-shore accounts. Sivarama Prasad has been linked with entities called MP Holdings Associates Limited, Ballyward Limited and Bitchemy Ventures Limited. Several companies wherein he is a beneficiary are registered or have jurisdiction in the British Virgin Islands, Isle of Man, Ecuador, Ghana and Panama.

He was said to be on the board of then Andhra Pradesh Chief Minister N Chandrababu Naidu’s family-owned Heritage Foods as independent director. The article was published on May 12, 2016, and the next day, Heritage Foods Ltd. issued a statement about Sivarama Prasad resigning from the board citing personal reasons.

Links:
https://www.deccanchronicle.com/nation/current-affairs/110516/ap-cm-naidu-family-s-heritage-foods-director-named-thrice-in-panama-papers.html

https://www.thenewsminute.com/article/panama-papers-industrialist-named-leak-resigns-ap-cm-s-firm-director-43256.