Heritage Foods Director in Panama List
Panama papers in its revelation disclosed that 500 Indians have stashed their money offshore of the country.The list includes several big names from Bollywood. Now in a shocking update Heritage Foods Director M Sivarama Vara Prasad's name has appeared in latest Panama Papers list.
As per report in famous English daily Sivarama Vara Prasad has links to MP Holdings Associates Limited, Ballyward Limited and Bitchemy Ventures Limited. The companies were based on British Virgin Islands, Isle of Man,Ghana and Togo in Africa.
Prasad is an NRI and he is also serving as director of several companies based in Hyderabad. He is also a director of Heritage Foods, which is owned by TDP Chief N. Chandrababu Naidu's family.
Asked about his name figuring in the Panama Papers, Mr Prasad said that he was living out of India from past thirty years and agreed that he do have companies in Panama. He said that there is nothing new in setting up offshore companies and added that he was only an independent director with Heritage Foods. Meanwhile rumors are doing rounds that Prasad could be a binami of some bigwigs in AP.
News Posted: 11 May, 2016
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