Business transactions of Hamdaan Exports Ltd (BVI) and Indrus (Jersey) published for achieving political goals?
During last days the political struggle in India has become much more intense, and that is connected with information provided by the Justice R. S. Pathak Inquiry Authority, which was created on November 11, 2005 for auditing Paul Volcker's report on UN Oil-For-Food Programme and particularly transactions related to oil contracts bearing number M/9/54 and number M/10/57.
The main pressure is made on former Indian Foreign Minister Natwar Singh who is accused of corruption by his political opponents. The former Indian official conducted a press conference at his New Delhi residence and denied all the accusations; he noticed that the things he was accused of by Pathak Inquiry Authority rather concern the Indian Congress, than him who held the post of Indian Foreign Minister at the moment of these business transactions. He added that "the malicious campaign launched in the last few months against me has questioned my honour, integrity and political and diplomatic credentials acquired over a lifetime."
The accusations are based upon the description of business transactions of British Virgin Islands company Hamdaan Exports Ltd. and Indrus, which was registered in Jersey, the Channel Islands, UK. The BVI company belongs to Delhi based businessman Andaleeb Sehgal, who was introduced by Natwar Singh to Saddam Hussein regime, and Jersey company is a joint venture 50:50 between Andaleeb Sehgal and his business partner Aditya Khanna.
It should be noted that information revealed by investigators shows quite normal business transactions. The oil money was received by BVI company Hamdaan Exports Ltd. (bank account with Jordan National Bank, Cyprus) from reputable Swiss energy trading company Masefield AG (bank account with Chase Manhattan Bank, New York) and paid to State Oil Marketing Company (SOMO) of Iraq. Certain commissions were paid to Aditya Khanna and Andaleeb Sehgal.
The main pressure is made on former Indian Foreign Minister Natwar Singh who is accused of corruption by his political opponents. The former Indian official conducted a press conference at his New Delhi residence and denied all the accusations; he noticed that the things he was accused of by Pathak Inquiry Authority rather concern the Indian Congress, than him who held the post of Indian Foreign Minister at the moment of these business transactions. He added that "the malicious campaign launched in the last few months against me has questioned my honour, integrity and political and diplomatic credentials acquired over a lifetime."
The accusations are based upon the description of business transactions of British Virgin Islands company Hamdaan Exports Ltd. and Indrus, which was registered in Jersey, the Channel Islands, UK. The BVI company belongs to Delhi based businessman Andaleeb Sehgal, who was introduced by Natwar Singh to Saddam Hussein regime, and Jersey company is a joint venture 50:50 between Andaleeb Sehgal and his business partner Aditya Khanna.
It should be noted that information revealed by investigators shows quite normal business transactions. The oil money was received by BVI company Hamdaan Exports Ltd. (bank account with Jordan National Bank, Cyprus) from reputable Swiss energy trading company Masefield AG (bank account with Chase Manhattan Bank, New York) and paid to State Oil Marketing Company (SOMO) of Iraq. Certain commissions were paid to Aditya Khanna and Andaleeb Sehgal.
Labels: BVI Companies
posted by Brian Obvi, Offshore Analyst | 5:23 PM
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