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Samreen Ahmad · · 1 min readHealthifyMe’s parent firm’s name surfaces in Pandora Papers: report
“Tushar Vashisht set up HealthifyMe Wellness Private Limited (HWPL), which runs an AI-based health and fitness platform in India, through his Singapore-based holding company. AsiaCiti Trust records show this Singapore company is linked to Lang Capital Fund (LFC) owned by Kirill Androsov, a former aide of Russian President Vladimir Putin,” reported The Indian Express.
Details:
- At least four transactions made during financial year ended March 2018 by the LCF were marked as “high risk” because of their “PEP (politically exposed person) related structure,” added the report.
- HealthifyMe stated it was not aware that LFC has any risk associated with a PEP. LFC holds a 2% share in the startup, HealthifyMe said in a statement sent to Tech in Asia. “It was an investment accepted by the company after following all applicable laws and KYC as a part of its series B fundraise in 2018,” stated the company.
- It clarified that Vashisht is a minority shareholder in HealthifyMe India’s parent company, and holds no stake in LFC or AsiaCiti Trust.
Dive deeper:
- The Monetary Authority of Singapore is examining AsiaCiti Trust amid the release of Pandora Papers, a massive financial records leak by the International Consortium of Investigative Journalists.
- Nearly 2 million of the total 11.9 million documents are from inside Asiaciti Trust. According to Asiaciti’s website, it specializes in wealth structuring and asset preservation services for individuals.
Update (Oct. 7, 9.30 pm SGT): This article was updated to include a statement from HealthifyMe.
Editing by Collin Furtado and Eileen C. Ang
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