The Indian Express has made investigations that Shares in both these entities were transferred to Milne on December 4, 2014 and the original shareholders were not mentioned in the Mossack Fonseca files made available by the International Consortium of Investigative Journalists (ICIJ) to all its members.


The files have revealed that HSBC India Chief Executive Officer Stuart Paterson Milne held shares in two Panamanian entities, Walton Investments SA and Robaco Incorporated and the Panama tax jurisdiction has allowed entities to issue 'Bearer' shares, where the owner(s') name(s) are not mentioned in the share certificate. 


The Robaco Incorporated had issued two 'Bearer' share certificates on May 27, 1983 each representing 5,000 shares and Walton Investments too had issued two share certificates on October 8, 1985 each representing 5,000 shares and the shares of Walton has also carried a face value of $ 1 each. All the shares of both the entities were transferred to Stuart Milne on December 4, 2014.


Mossack Fonseca files have stated that both Robaco Incorporated and Walton Investments hold property, and their activity takes place in the Isle of Man and the United Kingdom and a meeting of shareholders of Robaco and Walton on February 24, 2015 has appointed MF Legal Services as the registered agent for the two entities, and Rachel Walsaw and Edward Bannett as directors in both the entities.


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