As his name cropped up in the ‘Paradise Papers’ on people and companies having offshore entities globally, Union Minister Jayant Sinha on Monday said the transactions were not done for any “personal purpose.”
Mr. Sinha had worked with Omidyar Network as Managing Director in India and Omidyar Network had invested in a U.S. company D.Light Design that has a subsidiary in Cayman Islands, according to a report based on the 'Paradise Papers' investigation.
In a series of tweets on Monday, Mr. Sinha said the transactions were legal and bona fide. They were undertaken on behalf of highly reputed world leading organisations in my fiduciary role as partner at Omidyar Network and its designated representative on the D.Light Board, the Minister of State for Civil Aviation said.
“It is crucial to note that these transactions were done for D.Light as an Omidyar representative, and not for any personal purpose,” he noted.
'All deals fully disclosed to relevant authorities'
Mr. Sinha, who is a former venture capitalist, also said all these transactions were fully disclosed to relevant authorities through all necessary filings as required.
“After leaving Omidyar Network, I was asked to continue on the D.Light Board as an independent director... On joining the Union Council of Ministers, I immediately resigned from D.Light Board and severed my involvement with the company,” he said.
Mr. Sinha had served as Minister of State for Finance.
'Paradise Papers' are disclosures following an investigation into offshore and banking assets carried out by the Indian Express with the International Consortium of Investigative Journalists (ICIJ).