Police in neighbouring Singapore, who are investigating allegations billions of dollars have been pillaged from 1MDB, have listed Mr Low as the beneficial owner of ADKMIC’s bank accounts.
The probe follows the reported leak of more than 11.5 million documents from the files of law firm Mossack Fonseca, based in the tax haven of Panama, revealing details of hundreds of thousands of clients.
The companies set up in BVI in turn could be holding properties and other assets in London, Dubai and other places. Persons who are found guilty and are unable to obtain stay order from the High Court, can be arrested under the law in these cases. More su
Brodjonegoro was quoted by media as saying the tax authority has identified 2,000 SPVs set up by Indonesian firms and 6,000 saving accounts in tax-haven countries.
In line with the government’s focus on attracting foreign investment into the country, the Union Budget made management of offshore funds much easier, by ensuring that offshore funds managed by fund managers in India don’t come under the ambit
The bank, without disclosing the names of the Indians who indulged in the alleged tax evasion through its Swiss or Dubai units, had recently announced in its annual results