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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lankan connected firms, individuals in leaked tax haven data

Sri Lankan connected firms, individuals in leaked tax haven data

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

June 15, 2013 (LBO) - A number of firms apparently connected to Sri Lanka as well as top investors in the island's capital markets are found in a cache of leaked data on beneficial owners of entities set up through offshore tax havens.

The data base of, beneficial owners, investment holdings and trust service companies was released by the The International Consortium of Investigative Journalists (ICIJ), a non-profit organization.

The data base http://offshoreleaks.icij.org contains over 100,000 entities incorporated via the British Virgin Islands, Cayman Islands, Cook Islands and Singapore.

The revelation comes as many developed countries led by British prime minister David Cameron is going after tax havens in a bid to get more taxes.

A number of firms connected to Sri Lanka within the database appeared to have been set up via the services firm Portcullis Trust Net.

Several prominent Sri Lankan players in the equity markets as well as expatriates are in the database.

ICIJ cautions users that individuals or companies would not necessarily have been engaging in illegal activity.

"There are legitimate uses for offshore companies and trusts." The ICIJ cautions users of the database.

"We do not intend to suggest or imply that any persons, companies or other entities included in the ICIJ Offshore Leaks Database have broken the law or otherwise acted improperly."

But ICIJ director Gerard Ryle said in a statement that tax havens created an environment which had also been used for tax evasion, money laundering and other forms of corruption.

"The Offshore Leaks Database helps remove this secrecy," said ICIJ director Gerard Ryle said in a statement.

"Opening up the records serves the public interest by bringing accountability to an industry that has long operated in the shadows."
http://www.lankabusinessonline.com/news/sri-lankan-connected-firms,-individuals-in-leaked-tax-haven-data/979740880

Burpy


Senior Equity Analytic
Senior Equity Analytic

so many companies related to Captains! rabbit

i dont think these are illegal anyway.

MarketWitch

MarketWitch
Stock Analytic
Stock Analytic

this data is too old and more inacurate.. It is taken from a offshore wealthmanagement secretarial company -Portcullis TrustNet 


Read what they have to say...


LATEST NEWS
UPDATE
The Portcullis TrustNet Group has identified an individual whom it strongly suspects as having been involved in the data theft that has led to information being published in a series of articles coordinated by the International Consortium of Investigative Journalists.  A report has been filed with the Royal Virgin Islands Police Force, and they are investigating the matter.
Based on our review, we have good reason to believe that the data theft ended in early 2010.  Notwithstanding this, we have engaged KPMG to conduct an IT security review and we have reviewed our physical and information security at all levels.
If you have further queries, please contact Chris Lee (chris.lee@pc-tn.com) or Morris Yow (morris.yow@pc-tn.com) in our Singapore office.

Link - http://www.portcullis-trustnet.com/en/home/

ICIJ has just leaked some old data back in 2010 with a web developed app connecting each other...Businessmen having offshore accounts are fine as long as they have a good business history...But if businessmen turned former and present politicians had offshore accounts that raise questions how they got that much money? Such would have been illegal... 

sriranga

sriranga
Co-Admin

A number of firms apparently connected to Sri Lanka as well as top investors in the island’s capital markets are found in a cache of leaked data on beneficial owners of entities set up through offshore tax havens.

The database of beneficial owners, investment holdings and trust service companies was released by the the International Consortium of Investigative Journalists (ICIJ), a non-profit organization.

The data base http://offshoreleaks.icij.org contains over 100,000 entities incorporated via the British Virgin Islands, Cayman Islands, Cook Islands and Singapore.

The revelation comes as many developed countries led by British prime minister David Cameron is going after tax havens in a bid to get more taxes.

Several prominent Sri Lankan players in the equity markets as well as expatriates are in the database.

The searchable website displays information in a graphical format, painting an intricate web of connected firms, shareholders, corporate services firms, trustees and banks.

A number of firms connected to Sri Lanka within the database appeared to have been set up via the services firm Portcullis Trust Net.

ICIJ cautions users that individuals or companies would not necessarily have been engaging in illegal activity.

"There are legitimate uses for offshore companies and trusts." The ICIJ cautions users of the database.

"We do not intend to suggest or imply that any persons, companies or other entities included in the ICIJ Offshore Leaks Database have broken the law or otherwise acted improperly."

But ICIJ director Gerard Ryle said in a statement that tax havens created an environment which had also been used for tax evasion, money laundering and other forms of corruption.

"The Offshore Leaks Database helps remove this secrecy," said ICIJ director Gerard Ryle said in a statement.

"Opening up the records serves the public interest by bringing accountability to an industry that has long operated in the shadows." (LBO)

Some of the addresses listed on the site:

* 35A Sudarashana Mawatha Nawala Rajagiriya Sri Lanka

* No. 2, Don Carolis Road, Combo 05, Sri Lanka

* 22 De Fonseka Road Colombo 05 Sri Lanka

* 339 Park Road Colombo 05 Sri Lanka

* 253A Gemunu Mawatha Rajagiriya Sri Lanka

* 19 1/1 Layards Road Comlombo 5, Sri Lanka

* 15 Chitra Lane Colombo 5 Sri Lanka

* 81/41 NEGOMBO ROAD PELIYAGODA SRI LANKA

* 82/3 Ward Place, Colombo 07, Sri Lanka

* 84/2 Baddegana Road, Baddegana, Pitta Kotte Sri Lanka

* 76/14, Sri Ernest De Silva Mawatha, Colombo - 3, Sri Lanka

* 168/7 ‘A" Inner Flower Rd., Colombo 3, SRI LANKA

* 16/2 Station Road Colombo - 4, Sri Lanka

* 3D EBENEZER PLACE DEHIWALA COLOMBO SRI LANKA

* 96/22 Kottunuwatta Road Nugegoda Sri Lanka

* 19 Layards Road, Colombo 5, Sri Lanka

* 4/2 Kings Court 15 Havelock Road Colombo 5 Sri Lanka

* 40/07 LAKE GARDEN OFF LAKE DRIVE RAJAGIRIYA 10107 Sri Lanka

* 3 Charles Circus Colombo 3 Sri Lanka

* 30 WIJERAMA MAW COLOMBO-07 SRI LANKA

* 15 Rotherfield Place Albert Crescent, Colombo 7 Sri Lanka

* 3/5 Maitland Crescent Colombo 7 Sri Lanka

* NO.122, KEW ROAD, COLOMBO 02, SRI LANKA

* 70 Rawathawatta Road Rawathawatta Moratuwa Sri Lanka

* 68/6 Old Nawala Road Nawala Rajagiriya Sri Lanka

* No. 4 Saman Mawatha Galawila Watte Homagama Sri Lanka

* 6 Skelton Road Colombo 5 Sri Lanka

* c/o I W S Holdings (Private) Limited IWS Centre 451 Kandy Road Kelaniya Sri Lanka

* J.H.C.S.K Jayamaha 218/8A, 2nd Lane, Pubudu Mawatha, Colombo Road, Kurunegala. Sri Lanka

* J.H.C.S.K. Jayamaha 218/8A, 2nd Lane, Pubudu Mawatha, Colombo Road, Kurunegala SRI Lanka
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=81460

http://sharemarket-srilanka.blogspot.co.uk/

Burpy


Senior Equity Analytic
Senior Equity Analytic

having this sort of offshore accounts is required in some instances to do certain types of deals and it is perfectly legal. also if a person have earned money in legal manner outside the country it is all right to have  these accounts in my view - as long as you do not remit money earned in Sri Lanka in an unlawful manner. Basketball

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

@Burpy wrote:having this sort of offshore accounts is required in some instances to do certain types of deals and it is perfectly legal. also if a person have earned money in legal manner outside the country it is all right to have  these accounts in my view - as long as you do not remit money earned in Sri Lanka in an unlawful manner. Basketball

Agreed this is far better than those who are having Swiss Bank Accounts after stealing Public fund from their own country.

Burpy


Senior Equity Analytic
Senior Equity Analytic

@ Redbull. to me having an offshore acccount (provided its legally remitted or earned money) is less questionable than a big 4 AUDIT firm advertising to auction shell companies with tax losses. (its like selling an avenue to evade tax) lol (see yesterday's paper for KPMG advert to sell shell companies) Basketball

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