Panama Papers — the Lankan offshore companies
The International Consortium of Investigative Journalists (ICIJ) in the United States and Germany’s Süddeutsche Zeitung granted exclusive access to the Sunday Times to search for Sri Lankan offshore companies from their database of 11.5 million files better known as the Panama Papers.
That treasure trove of data was held by Mossack Fonseca, the world’s fourth biggest offshore law firm in Panama. The data cover nearly 40 years up to 2016 and link to people and companies in more than 200 countries. Whilst the ICIJ has identified some of the Sri Lankan companies and published them in its website, the Sunday Times is able to reveal most of the others today. However, such names do not include bank accounts (which are opened for them by Mossack Fonseca) or the remaining bank balances in the dif- ferent jurisdictions including British Virgin Islands, Bahamas and Seychelles.
It has to be borne in mind that there are legitimate uses for offshore companies and trusts. In revealing the identities of Sri Lankan companies or individuals whose names appear in the ICIJ Offshore Leaks Database, no suggestion is being made that they broke the law or otherwise acted improperly. The Sunday Times only records the presence of those names that could include those who may have operated them on legitimate grounds.
At least two companies operating in Sri Lanka – Gamini Uduwara, Skyline Profits Ltd. registered in British Virgin Islands – and Palitha Mathew and a family member (for Palitha Mathew and Company) have been assisting clients in opening offshore accounts. They have been dealing mostly through the Singapore branch office of Mossack Fonseca.
There is no minimum share capital to open an offshore account with Mossack Fonseca in the different jurisdictions. Only a minimum of one Director’s name is required together with a registered office. Within one week from receipt of all documents, an offshore company is formed. The UK branch of Mossack Fonseca, for example, charge Sterling Pounds 3,900 for company formation, tax registration and the opening of a bank account.
Here are details of Sri Lankan companies or individuals:
Avant Garde Pvt. Ltd. incorporated in British Virgin Islands. The Directors:
Yapa Hettipathiranalage Nissanka Yapa Senadipathi, Y.H.P. Kithsiri Manjula Yapa, Senarath Bandara Dissanayake and Prasanna Athanasius Sirimevan Rajaratne.
Empire Star Holdings incorporated in British Virgin Islands. The Directors: Johann David Peiries, David Percival Peiris, Palavinnege Sumith Kumaratunga, Esther Maureen Peiris and David Percival Peiris.
Celweera Trading Limited incorporated in the Bahamas. Joanne M. Sawyer, President, Secretary and Director. Bandula Weerawardena, Managing Director.
Advani Investments Ltd. incorporated in the Bahamas. R.J. Advani (Indian national), Jasprit Chahal (British national), Mohamed Akthar Abdul Karim, (Sri Lanka) and Prakash Ramchand Advani (Indian national). Lucky Stones Indus Ltd. incorporated in Seychelles. Jayakody Arachchige Dona Marian Srini Pamela Jayakody Interport Enterprises Limited incorporated in the Bahamas. Dilipan Tyagarajah
Ashlin Property Holdings Ltd. incorporated in the British Virgin Islands Owners Nilanthi Soysa and Chandulal Stephen Soysa – Declared source of company funds is rent received from a property let out in London.
Paskerville Trading incorporated in British Virgin Islands. Kim Sun Kan (of Seychelles), Kenneth John Pendergrast (Sri Lanka)and Umar Manikku (Maldives).
Stonecroft Investments Ltd. incorporated in British Virgin Islands – Directors Janak Hirdiramani, Mona Hirdiramani, Siddath Hirdiramani and Aroon Hirdiramani.
Ultimo Capital Ltd. incorporated in British Virgin Islands. Directors Sivasubramaniam Sivayogarajasingham (Sri Lanka) and Sivayogarajasingham Saumian (Australia).
Elinvest Ltd. incorporated in British Virgin Islands. Directors Valeri Gorianov, and Dmitry de Wansa Wickremeratne (Sri Lanka).
Letni Technology Group Ltd. incorporated in British Virgin Islands. Directors Saporti Kulatilake Oliver Layton and Kasura Ediriwickremasuriya,
Transfield Enterprises S.A. / York Town Developments incorporated in the British Virgin Islands. Sena Yaddehige.
Widespread expectations among Sri Lankans that some opposition politicians would be among those having offshore companies via Mossack Fonseca have been proved wrong. The vast majority of them are commercial enterprises for parking funds while the rest are from individuals.