A year after declaring bankruptcy to a UK court, the Pandora Papers report showed that Reliance ADAG chief Anil Ambani, along with his representatives, has at least 18 offshore companies located in Jersey, Cyprus and other companies, securing wealth in tax havens across the world.
The Indian Express, in a joint investigation led by the International Consortium of Investigative Journalists, reported that of these 18 companies set up between 2007 and 2010, seven have received loans from bank guaranteed by Reliance/Anil Ambani and invested nearly $1.3 billion.
Batiste Unlimited and Radium Unlimited, Ambani’s companies in Jersey, were incorporated between December 2007 and January 2008 and are owned by Reliance Innoventures Pvt Ltd.
Other Jersey companies Summerhill Ltd and Dulwich Ltd are owned by a “representative of Anil Ambani”. Laurence Mutual; Richard Equity Ltd and German Equity Ltd are also based in Jersey and linked to Ambani.