University release statement following Panama Papers
Chancellor Lord Bilimoria was implicated in the scandal
This morning it was revealed that the chancellor of the University of Birmingham, Lord Bilimoria, was implicated in the Panama Papers leak, which named various businessmen and politicians who had reportedly been using offshore accounts in tax havens.
This practise is not illegal, but is controversial, and has been widely criticised, with David Cameron labelling it as ‘unfair’.
It was suggested that Lord Bilimoria had been using an offshore account in the Virgin Islands to avoid paying tax.
The University of Birmingham has since responded with the following:
“This is a personal matter for Lord Bilimoria, who has already issued the following statement to the media.
“I am taxed in the UK on all my global income and all of my interests are declared to the relevant authorities. The Bilimoria Holdings Ltd referred to is BHL, which is registered with HMRC in the UK and subject to UK tax law. Mulberry Holdings Asset Ltd is a dormant company and has no connection with BHL. It was formed for my ex-shareholders in Cobra, many of whom are not resident in the UK.”