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
Read Other Updates
Annual Training "SUCCESS Through TEAMWORK“, 26-29 October 2018, @Hotel Mercure KL
08 Oct 2018
You Have To Know These Information Before Doing M & A
06 Sep 2018
Nasib Izin Lama Perusahaanku
13 Aug 2018
Penurunan Tarif PPh Final untuk UMKM
13 Jul 2018
When the Term Sheets needed to be Binding?
02 Jul 2018
Tax Implications on a Start-up Company and VC
19 Jun 2018
Lawyers for Capital Market go to Bangkok
08 May 2018
TP Docs Series:
26 Mar 2018