Panama Papers: HSBC India CEO held shares in two entities

Records show Bearer shares transferred to Stuart Milne, which was further transferred to another entity a day later, The Indian Express reports

Adding to the list of names associated with the Panama Papers, HSBC India’s CEO is said to have held shares in two Panama-based entities, The Indian Express reported on Monday.

Stuart Paterson Milne, chief executive officer (CEO), HSBC India held shares in Walton Investments SA and Robaco Incorporated. These shares were transferred to Milne in December 2014, the report said. These were transferred the very next day to another entity. 

On May 27, 1983, Robaco issued two Bearer share certificates, with a face value of $1, each representing 5,000 shares. Walton Investments issued the same on October 8, 1985. 

A bearer share is a kind of share, allowed by Panama tax jurisdiction, where the owner’s name(s) are not written in the share certificate. It means that physical possession of the shares can make one the owner. 

Shares of both these entities were transferred to Milne in December 2014. The very next day, Milne transferred these shares to Fortress International Services as trustees of Robscot Family Trust.

 “These companies were established some years ago by my late father. All of my tax affairs are declared in full to the Indian tax authorities in line with their requirements,” Milne told the newspaper.