Radico Khaitan In Pandora Papers: Offshore Trusts, Hidden Assets, & Family Links

Lalit Khaitan and Abhishek Khaitan

Lalit Khaitan and his son Abhishek Khaitan, the owners of the Indian liquor tycoon Radico Khaitan, were named in the Pandora Papers for owning offshore trusts in the British Virgin Islands and Panama.

Records show they were beneficiaries of the Timberlane Trust and later received shares in Beecool Global Holdings Limited. The documents also connect an Indian law firm to the trust’s operations, while the Khaitan family has denied any wrongdoing and said they follow all laws.

Were Khaitan’s Name Mentioned In Pandora Papers?

Yes, the Pandora Papers contained references to Radico Khaitan’s proprietors, Lalit Khaitan and his son Abhishek Khaitan. According to reports, they were connected to an offshore trust named Timberlane Trust.

Their story was included in Pandora Papers inquiry by publications like The Indian Express, even though it did not receive as much attention as that of other politicians and celebrities.

Radico Khaitan: How Offshore Trust Was Set Up?

According to records from Trident Trust, BVI, the Timberlane Trust was created in 2012. The settlor was Timberlane Group Foundation in Panama, while Trident Trust acted as trustee. Lalit Khaitan and his son Abhishek Khaitan were named as “beneficiaries.”

The trust declared 50,000 shares of Beecool Global Holdings Limited as its fund. Beecool was incorporated in the BVI in April 2012. By September 2012, the Timberlane Trust held these shares.

Shares Transferred To Khaitans

In October 2013, Trident Trust transferred 25,000 shares each of Beecool to Lalit and Abhishek. Records show this was done “for valuable considerations received.” Lalit had earlier signed an “Affidavit of Good Standing” with Trident Trust in September 2012.

Role Of Indian Law Firm

Documents also link OP Khaitan & Co., a law firm in India, to the offshore structure. According to a 2012 letter from the Timberlane Foundation, Gautam Khaitan of the company should be contacted for all correspondence.

Later, Ashutosh Patra, a senior partner of the firm, became an independent director of Radico Khaitan in 2014.

Earlier Offshore Trust Revoked

This was not the first offshore arrangement by the Khaitans. Records show that Lalit and Abhishek had created the Pinnacle Trust in 2005 but revoked it in December 2006.

Family Beneficiaries & Future Plans

A “letter of wishes” listed Lalit and Abhishek as first beneficiaries. It also included family members such as Abhishek’s wife Deepshikha, their children, and other relatives. Interestingly, the note mentioned that if no heirs survived, the funds would go to a Cancer Research Institute in India.

Trust Later Shut Down

Email exchanges from 2015 between Trident Trust officials show that the Timberlane Trust may have been closed later. One senior executive wrote that the bank had closed, “the clients have disappeared,” and the trust should be shut down with fees written off.

Radico Khaitan Response

The Indian Express reached out to the family. Responding to questions, Dinesh Kumar Gupta, Vice-President, Legal, Radico Khaitan, said, “Neither Radico Khaitan Ltd nor the Khaitan family have or had any illegitimate bank accounts or trusts anywhere in the world. We have followed all applicable laws & regulations of the country.”