Panama Papers: Amitabh Bachchan took part in board meetings by phone conferences

Records show actor's participation for meeting involving two offshore firms where he was listed as a director, The Indian Express reports

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Bollywood actor Amitabh Bachchan is said to have taken part as a director in board meetings of two offshore firms listed in the Panama Papers through a telephone conference, The Indian Express reported on Thursday. The development comes weeks after he had denied knowing these companies and suggested that his name was misused.

The meetings involving Tramp Shipping Limited (Bahamas) and Sea Bulk Shipping Company Ltd (British Virgin Islands) were held in December 1994. 

As per new records, the meeting was held to discuss a $1.75 million loan from Dallah Albaraka Investment Company (DAICO), a Jeddah-based investment firm.  The loan from DAICO was to be given to Constellation Ship Management (Bahamas) Ltd for purchasing all shares issued by Tramp Shipping and held by Sea Bulk Shipping.

For the said loan, a ship owned by Tramp Shipping — MV Sea Tramp — was mortgaged to DAICO, the publication reported.  The resolutions during the meeting recorded Bachchan as a participant in ‘by telephone conference’.

Bachchan’s name was also recorded in the list of directors and office bearers on the Certificate of Incumbency that was issued by both the companies. 

 “On the Panama disclosures, I wish to state that queries continue to be sent to me by the media. I would humbly request them to kindly direct these to the GoI (Government of India) where I, as a law abiding citizen have already sent, and shall continue to send, my responses. I stand by my earlier statement on the ‘misuse of my name’ in the matter and in any event the press reports do not disclose any illegal act committed by me,” Bachchan’s publicist said in a statement to The Indian Express.