-By LeN Investigative Team
(Lanka-e-News -22.Nov.2024,11.00 pm) A tangled web of offshore accounts, shell companies, and secretive investments has surfaced, shedding light on allegations of financial misconduct tied to Nirupama Rajapaksha, a prominent figure from Sri Lanka. Investigative journalists have uncovered a network that suggests the Rajapaksha family may have hidden over $450 million through elaborate financial maneuvers involving companies like Pacific Commodities Limited, Asia City Trust, and others linked to global financial centers, including Dubai, Singapore, and the Channel Islands and Maldives and Malaysia. ( we have entire financial statements of the companies)
The investigation draws from the Pandora Papers, the ICIJ Recovery project, and mounting evidence from ongoing inquiries by the U.S. State Department and other international agencies. This story not only highlights the mechanisms of financial secrecy but also the broader implications for governance, international relations, and justice.
The Pandora Papers, leaked in 2021, revealed how global elites use offshore companies and trusts to conceal their wealth. Among the names implicated was Nirupama Rajapaksha, connected to Pacific Commodities Limited and Asia City Trust. Documents showed how these entities facilitated the movement of funds through complex networks, including links to the Channel Islands, Dubai, and Singapore.
One significant revelation involved Pacific Commodities Limited, a company allegedly tied to Rajapaksha’s family. This entity, based in jurisdictions with loose regulatory oversight, served as a conduit for siphoning money through government tenders and procurement contracts. Asia City Trust, meanwhile, provided services to obscure the ownership of assets, including investments in artworks and other high-value items.
The investigation uncovered two offshore accounts operated out of Dubai, allegedly linked to the Rajapaksha family. These accounts, registered under the names Seashell and St. Martin, are believed to have received funds from inflated government contracts and tenders. Sources indicate that these companies were used to launder money, funneling it through multiple jurisdictions to erase its origins.
Dubai’s financial landscape, known for its opacity, played a central role in concealing these transactions. Financial records show significant transfers from these accounts to entities in Singapore and Russia, raising questions about the final destination of the funds. The U.S. State Department has now flagged Seashell and St. Martin as part of an ongoing investigation into international financial crimes.
Another piece of the puzzle involves investments in artworks, a common avenue for money laundering due to the difficulty in tracing ownership. Investigators believe that a portion of the $450 million has been funneled into high-value artworks stored in galleries and private collections in Singapore. This strategy not only preserves wealth but also allows for its seamless transfer across borders under the guise of legitimate transactions.
Financial transfers linked to the Rajapaksha family also lead to the Channel Islands, a British Crown Dependency. Known for their lenient tax laws and secrecy provisions, these islands are a favored destination for illicit wealth. Evidence suggests that funds from Dubai and Singapore were funneled into accounts registered here, further obfuscating their origins.
This revelation has prompted renewed scrutiny from UK authorities, who are working alongside international agencies to trace these assets. The involvement of Channel Island entities raises questions about the role of Western financial institutions in enabling such schemes.
In a surprising twist, the investigation uncovered links to an Iranian offshore entity where funds may have been parked temporarily. This revelation complicates the narrative, as it suggests potential violations of international sanctions and raises geopolitical concerns.
Moreover, funds routed through Singapore appear to have been transferred to Russia, highlighting the global scale of this operation. Financial experts point to the use of cryptocurrency and other modern tools to facilitate these transactions, making them harder to trace.
Another key figure in this investigation is a British-educated businessman, Nadesan, who is a trustee of several Hindu charities and temples. Nadesan has long been associated with Pacific Commodities Limited, allegedly using his philanthropic image to mask financial dealings.
The Rajapaksha family and Nadesan reportedly worked closely with the Tamil Diaspora and the Sri Lankan government. This collaboration, while appearing legitimate on the surface, raises questions about conflicts of interest and misuse of influence. Notably, Pacific Commodities Limited supplied goods to Sri Lankan Airlines, a connection now under scrutiny for potential irregularities.
Nirupama Rajapaksha and her spouse have often been described as a power couple, leveraging their political connections to secure lucrative contracts. Their influence extended across government institutions, allowing them to divert public funds into private ventures. These activities not only undermined trust in governance but also contributed to the economic challenges facing Sri Lanka today.
The U.S. State Department, alongside other international agencies, is now piecing together the financial trail left by the Rajapaksha family. The investigation spans multiple jurisdictions, from Singapore to Dubai, the Channel Islands, and beyond. Authorities are focusing on recovering hidden assets and bringing those responsible to justice.
This case underscores the need for stronger international cooperation to tackle financial crimes. Offshore accounts and shell companies remain a persistent challenge, enabling the elite to evade scrutiny and accountability. The revelations surrounding the Rajapaksha family serve as a stark reminder of the systemic issues that perpetuate corruption on a global scale.
The story of Nirupama Rajapaksha and her family’s alleged financial misconduct is a microcosm of the broader issue of wealth concealment and corruption. While investigations continue, the path to accountability remains fraught with challenges.
As the world watches, the Rajapaksha case could become a turning point in the fight against financial secrecy, setting a precedent for holding powerful individuals accountable. Whether justice will be served remains uncertain, but the uncovering of this elaborate web is a crucial step in the right direction.
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by (2024-11-22 17:37:08)
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