Brother Adani started a business in BVI; says it’s been closed now

Billionaire Gautam Adani’s brother started a business in the British Virgin Islands three years ago, according to Pandora Papers records investigated by Indian express reveal. He now claims the business has been “shut down”.

Records show that Vinod Shantilal Shah Adani, older brother of Gautam Adani, established Hibiscus RE Holdings Limited in the British Virgin Islands in 2018. Vinod Adani, a Cypriot national residing in Dubai, is the sole shareholder of this offshore company with 50,000 shares and director since May 2018.

When setting up Hibiscus RE Holdings, Vinod Adani said in the records that his focus was on trade and services in the global marketplace, and the company’s current assets were estimated at $ 10 million to $ 15 million at that time.

While Vinod Adani is now a Cypriot national, his son Pranav Adani sits on the boards of several Adani group companies in India, including flagship companies Adani Enterprises and Adani Total Gas, among others.

The Trident Trust document shows the ownership details and Cypriot nationality of Adani.

Records show that the agent for the registration of Hibiscus RE Holdings in BVI is Trident Trust Company, which provided its office address as the registered address for the company.

The Trident Trust Information Form for the creation of Hibiscus RE Holdings has been completed and signed by Vinod Adani and it lists the Dubai address of Adani Global Investment DMCC (AGI) – 3606-A, Oaks Liwa Heights, Jumeirah Lake Towers, Cluster W, Dubai, United Arab Emirates – for physical record keeping for the BVI business.

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Hibiscus RE Holdings’ records also list an AGI employee, identified as Subir Mittra, as the person responsible for the physical maintenance of its records in Dubai.

Records also show Vinod Adani resides at 394 Al Thanyah Fourth Villa R-41, 394 Emirates Hill Third, which is an upscale location in Dubai.

This is not the first time that Vinod Adani’s name has appeared in a company registered in a “tax haven”. His name appeared in Panama Papers, which was reported by The Indian Express in 2016, in connection with a company formed in the Bahamas on January 4, 1994, just months after the formation of Adani Group’s flagship company, Adani Exports.

When contacted, Vinod Adani said: “Hibiscus Real Estate is a BVI company, 100% owned by myself. The aim was to hold my real estate assets in the UAE, in a company vehicle. The current status of Hibiscus RE is CLOSED and the assets are NIL… I have been abroad for over 25 years and all of the above comply with applicable regulations and guidelines.

“Adani Global Investment DMCC is also 100% owned by me and Subir Mittra is an employee of this company. As these two companies are mine, the record keeping is kept in a common office, ”he said.

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