The Organized Crime and Corruption Reporting Project (OCCRP), a global network of investigative journalists, recently reported that people with ties to the Adani family secretly held significant stakes in group entities in possible violation of the country’s law on maximum ownership by promoters in listed entities, through some of these funds.
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Coincidentally, the closure of some these funds—two Mauritius-based funds were shuttered last year, and a third is in the process of winding up—follows the initiation of an investigation by the markets regulator into offshore entities’ holdings in Adani group companies in 2020.
The developments suggest that an early move by Sebi to investigate the now-shuttered entities would have helped the regulator determine whether they played a role in manipulating Adani group stocks. With the closure of these funds, Sebi now faces increased difficulty in accessing information regarding the ultimate beneficiaries of these entities.
At least two regulatory experts said that the closure of such publicly pooled funds in a relatively short time is surprising, given that typically they have longer lifespans.
For instance, the Bermuda-registered Global Opportunities Fund, registered on 6 January 2005, was shut on 12 December 2006, according to regulatory filings in the island country.
Mauritius-based Assent Trade and Investment Pvt. Ltd, set up in April 2010, turned defunct in June 2019. Lingo Trading & Investment Pvt Ltd, incorporated in December 2009, closed in March 2015. Mid East Ocean Trade & Investment Pvt. Ltd was set up in September 2011 and closed in August last year.
EM Resurgent Fund was set up in May 2010 and shut down in February last year. Asia Vision Fund, set up in May 2010, appointed liquidators on 20 April 2020 and is in the process of winding up, according to filings reviewed by Mint.
A seventh fund, Emerging India Focus Funds, which was set up on 19 May 2008, continues to be active. Details pertaining to Gulf Asia Trade and Investment, registered out of the United Arab Emirates, could not be ascertained.
“There shouldn’t be a problem if the fund was wound up less than two years ago, but information regarding the ones that were liquidated before would be difficult to obtain (for Sebi),” said an executive at a Big Four consulting firm. This is because most overseas regulators maintain records of funds for only a limited period of time, the executive said.
In its report submitted to the Supreme Court last month, an expert committee appointed by the apex court said the markets regulator faced difficulty in accessing information about the beneficial owners of overseas funds, adding that pursuing the identity of offshore shareholders was “potentially a journey without destination.”
Funds registered out of countries like Mauritius are required to share scant financials with the regulator and use a so-called ‘feeder fund’ structure.
“The problem is when a fund which is registered in countries like Mauritius is shut down, typically its feeder funds that could be registered in financial tax havens like Cayman Islands or Luxembourg are also deregistered,” said the executive cited above.
“Very few public market funds are close-ended that come with specific fund tenure; if such tenure elapses, then the fund may wind up. While this is common in private market funds like venture capital, in public markets, such close-ended funds are fewer,” said a Mumbai-based lawyer, who counts clients that include foreign investors.
Experts say a fund is closed when it goes bankrupt, or when it gets acquired and the new owner transfers the fund’s assets, or when the investors decide to close it.
A questionnaire sent to a Sebi spokesperson remained unanswered. Adani group did not respond to a request for comment.
OCCRP reported that individuals with links to Adani Group had ties to these funds. Chang Chung-ling, a Taiwanese national, was on the board of Lingo Trading and Investment Pvt. Ltd, while Ahli Nasser Ali Shaban, a businessman from the UAE, owned Mid East Ocean Trade and Investment Pvt. Ltd. Vinod Adani, brother of group chairman Gautam Adani, was a director of Assent Trade and Investment Pvt. Ltd.
Current and former executives of 360 One Asset Management (Mauritius) Ltd, formerly called IIFL Asset Management (Mauritius) Ltd served as a director at Emerging India Focus Funds, Asia Vision Fund and EM Resurgent Fund.
“360 ONE Asset Management (Mauritius) Ltd, a wholly owned subsidiary of 360 ONE WAM Ltd, was the investment manager for Emerging India Focus Funds, EM Resurgent Fund (now closed) and Asia Vision Fund (till 2018),” said a spokesperson for the company. “At no point was 360 ONE the beneficiary owner of any of these funds.”
A 2014 probe by the Department of Revenue Intelligence, a federal anti-smuggling agency, found that some Adani Group entities based in UAE over-invoiced the power equipment imported from China and used the proceeds to invest in funds. The Financial Times reported that one such entity, Electrogen Dubai, has put $100 million in Assent Trade and Investment, which used the Asia Vision Fund to invest in stocks.
Three other entities, Lingo Trading & Investment Pvt. Ltd, Gulf Asia Trade and Investment and Mid East Ocean Trade and Investment, had bought Adani Group shares through two Mauritius-registered entities, EM Resurgent Fund and Emerging India Focus Funds.
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
