Panama Papers: Amitabh Bachchan denies links to firm that bought ship from his brother

Tramp Shipping (Bahamas), one of the four companies that Amitabh Bachchan was linked to in the Panama Papers, bought a ship from another Bahamas company co-owned by his brother Ajitabh, The Indian Express reported Monday.

Amitabh Bachchan has consistently denied any association with any of four offshore firms which find a mention in the Panama Papers and list him as a director, Tramp Shipping reportedly carried out the transaction soon as the Bollywood superstar was appointed as a director.

The ship, named MV Nile Delta, was owned by Nile Shipping, one of four offshore shipping companies set up during 1990-91 by Ajitabh Bachchan, in partnership with London-based lawyer Sarosh Zaiwalla and late Mehernoosh Khajotia. 

 

However, Ajitabh has claimed that his brother is not involved with his business and nor has he ever been involved. The Indian Express quoted Ajitabh as saying: “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.”

It is believed that Ajitabh had invested $15 million as seed capital, while Khajotia looked after the business. Zaiwalla has confirmed the partnership, and also said he held 20%, while Ajitabh and Khajotia held 40% each.

The report adds that the three partners bought three ships in 1991 — MV Lokris (later named Avon Delta and held by Avon Shipping); MV Nile Delta (held by Nile Shipping) and MV Ganges Delta (held by Ganges Shipping). These three Bahamas companies were owned by another Bahamas company called Delta Shipping Company.

According to the Mossack Fonseca records, Amitabh Bachchan served as director of four shipping companies that were set up in the Bahamas and British Virgin Islands. Out of which, Tramp Shipping acquired MV Nile Delta in 1994 and renamed it as MV Sea Delta. After the acquisition (of the ship), Nile Shipping was soon dissolved.

All shares issued by Tramp Shipping were held by Sea Bulk Shipping Company (BVI), another company where Amitabh Bachchan served as director, the report added.