23 May 2016
Nominee Shareholders in the Panama Papers Case
As we understand, some conglomerates use their employees to be as nominee shareholders of the companies that they set up in tax haven countries.
Several names in the list of Panama Papers episode 1 and 2 were the employees. They were not the real owners. They were under strong power to be abused and forced for covering up the real owner of companies.
By law, nominee shareholders are not allowed. Indonesia government will not recognize the nominee agreement. So automatically, the court only recognize what legal paper mention it who as shareholders of the company, if any legal suits.
Nominee shareholders are in the weak position now in the case of Panama Papers, especially who has resigned/retired from the real owners. The smarter nominee shareholders had the nominee agreements with the choice of law and choice of forum in the arbitration of the country that recognized legally. Failing to do so, they have to depend on the helping hand of real owners.
Agung Tjahjady SH, CPA, MM, BKP
Registered Tax Consultant, Advocate
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