The Probe Impact: Government calls off Pawan Hans Disinvestment

A Pawan Hans Helicopter | Photo courtesy: www.planepictures.net

In a highly significant move by the government, emerging news reports reveal that the Modi administration has taken the decision to cancel the strategic disinvestment of Pawan Hans. According to these reports, the winning bidder, Star9 Mobility, has been disqualified due to pending legal cases against the company. In 2022, in a three part investigative series The Probe’s journalists Paranjoy Guha Thakurta, Ravi Nair, and Abir Dasgupta had exposed the glaring discrepancies with the government’s Pawan Hans disinvestment deal. 

After our report, the government decided to introduce stringent clauses into the due diligence process for qualified bidders in disinvestment deals of public assets. Now, finally, the government has called off the disinvestment deal and disqualified the winning bidder, Star9 Mobility, due to pending legal cases against the firm.

On May 28 2022, The Probe, in an investigative report, revealed details about the link between Almas Global Opportunity Fund and a “notorious”, “Corrupt” Zimbabwean businessman to India’s Pawan Hans disinvestment deal. The three journalists exposed the complex web of companies that links the controversial Zimbabwean businessman Kudakwashe Regimond Tagwirei to AGOF, the largest stakeholder in Star9 Mobility consortium, which was declared the winner by the government.

In the article, we delved deeper into the links between AGOF and Tagwirei and described how the firm had allegedly acted as a front for Tagwirei to channel his funds. The report revealed how AGOF had continued to do so after Tagwirei was sanctioned by the governments of the United States of America and the United Kingdom. The Probe further pointed out that two government documents suggested that allowing the sale of Pawan Hans to Star9 Mobility would constitute a violation of government of India rules - due to the adverse order by the Kolkata bench of NCLT against AGOF and due to AGOF appearing to not meet the eligibility criteria to bid for Pawan Hans. AGOF appealed to the National Company Law Appellate Tribunal (NCLAT) against the adverse order. 

In a subsequent piece, The Probe published an exclusive interview of the Dubai-based Amardeep Sharma of AGOF with these reporters in which he claimed that he was the company’s ultimate beneficial owner. He also asserted that AGOF had no connection to the controversial Zimbabwean businessman Tagwirei.

AGOF held a majority stake in a company “on behalf of” Tagwirei, according to reports published in the Financial Times, Bloomberg and an American anti-corruption non-profit organisation, The Sentry. In his interview with The Probe, Sharma denied all the claims made by the publications. We examined the related documents and found that Sharma was economical in his disclosures to us. 

In a subsequent story published on The Probe on June 15, we exposed a blow-by-blow account of how various claims made by Sharma to us in the previous interview didn’t add up. For instance, Sharma had denied that Sakunda Holdings Private Limited is Tagwirei’s holding company in Zimbabwe. However, we published an agreement signed in 2013 between Sakunda Holdings and the Singapore-based commodities trading giant Trafigura Private Limited, which distributes fuel in Zimbabwe. Tagwirei had signed the agreement as the company’s director on behalf of Sakunda Holdings.

In the three-part series published in The Probe, we revealed several discrepancies in the bidder selection in the disinvestment deal related to Pawan Hans Limited. The stories raised serious concerns about handing over public assets like Pawan Hans to private entities with questionable antecedents. The government's decision to disqualify the winning bidder, Star9 Mobility, and call off the strategic disinvestment of the helicopter service provider Pawan Hans is a significant step.

Here is the three-part series of stories exposed by The Probe on the controversial Pawan Hans disinvestment deal.

PART 1

Pawan Hans Sale: Cayman Islands company in winning bid allegedly fronted for notorious businessman from Zimbabwe

Did the government of India know about the link of a “notorious”, “corrupt” Zimbabwean businessman to India’s Pawan Hans disinvestment deal? Ravi Nair, Abir Dasgupta and Paranjoy Guha Thakurta reveal the complex web of companies that links controversial Zimbabwean businessman Kudakwashe Regimond Tagwirei to Almas Global Opportunity Fund, which is now at the heart of India's Pawan Hans sale.

For full story click link: 

https://theprobe.in/investigations/pawan-hans-sale-cayman-islands-company-in-winning-bid-allegedly-fronted-for-notorious-businessman-from-zimbabwe/

PART 2

The Probe Exclusive: Will Star9 Mobility Acquire Pawan Hans?

In an exclusive interview with The Probe, Amardeep Sharma of the Cayman Islands-registered Almas Global Opportunity Fund responded to questions about the fund’s winning bid for the government-owned helicopter service provider Pawan Hans Limited. Almas Global is the leading member of the Star9 Mobility consortium that was declared the winning bidder for Pawan Hans Limited. However, after questions were raised about the deal, it has reportedly been “put on hold.”

For full story click link: 

https://theprobe.in/investigations/the-probe-exclusive-will-star9-mobility-acquire-pawan-hans/

PART 3

Pawan Hans Sale: Cayman firm’s owners’ claims don’t add up

In an interview with The Probe, Amardeep Sharma, the owner of the Cayman Islands-registered Almas Global Opportunity Fund (AGOF), claimed that the entity was eligible to bid for the government-owned helicopter service provider Pawan Hans Limited. He also asserted that the fund had no connection to Kudakwashe Reginald Tagwirei – a controversial businessman from Zimbabwe who has been sanctioned by the governments of the United States and the United Kingdom. In our latest story on the privatisation of the government’s helicopter service provider, several questions about AGOF and how the Indian government is attempting to privatise Pawan Hans are raised.

For full story click link: 

https://theprobe.in/investigations/pawan-hans-sale-cayman-firms-owners-claims-dont-add-up/

To ACCESS and SUPPORT our exclusive stories and impactful public interest journalism, subscribe to our YouTube channel. Click on THE PROBE'S LOGO below to subscribe.