Pandora Papers: HealthifyMe owner’s Singapore firm linked to former Putin aide’s fund

We have been transparent to tax authorities, says company on declaration of its interests.

Tushar Vashisht, son of former Haryana DGP Shriniwas 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 owned by Kirill Androsov, a former aide of Russian President Vladimir Putin.

Documents show that questions were raised on some of the transactions of the LCF to various entities including HealthifyMe.

A “compliance report” of AsiaCiti Trust, dated February 27, 2018, mentions that at least four transactions made during 2017-18 by the LCF were marked as “high risk” because of their “PEP related structure” — PEP refers to a politically exposed person.

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Documents with the Registrar of Companies show that as of March 31, 2020, Tushar Vashisht held 10 shares and HealthifyMe Pte Ltd, Singapore, owned 2,43,318 shares of HealthifyMe Wellness Private Limited. They are the only shareholders.

The website of HealthifyMe says it is “the only Health and Fitness app you will ever need. 25+ million happy users, 5+ million kgs lost, 1500+ coaches”.

HealthifyMe Pte Ltd, Singapore, is one of the companies linked to LCF. Established on December 11, 2014, in Singapore, LCF’s trustee is AsiaCiti Trust Singapore Pte Ltd while Atlas Asset Management Pte Ltd is its Investment Manager.

The sole unit holder of LCF is Samoa-based Grand Asset Investment Ltd which holds 48,585,858 units in it.

HealthifyMe Pte Ltd, Singapore, is the holding company of HealthifyMe Wellness Private Limited. The turnover of HealthifyMe Wellness Private Limited was Rs 54.52 crore as on March 31, 2020.

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Documents show that the LCF transactions under question included a payment which was made “for the subscription of 122,066 Series B2 Compulsorily Convertible and Non-Cumulative Preference Shares in the capital of HealthifyMe Pte Ltd”.

Responding to this, Pawan Agrawal, Vice-President (Finance) at HWPL, said: “We are not aware of it.”

Atlas Asset Management, investment manager of LCF, had instructed to remit USD 1,000,000 for HealthifyMe Pte Ltd and money was transferred on February 20, 2018, documents show.

A payment for “management services performed by Atlas Asset Management Pte Ltd” was also marked as “PEP related Structure (high risk)” because “Atlas Asset Management Pte Ltd is the appointed Investment Manager of the Lang Capital Fund. The payment is for the management services performed as Investment Manager”.

A “legal due diligence list” in November 2017 noted that Tushar Vashisht is the promoter director of the holding company, but “details of the shareholding and directorship in the holding company has not been disclosed to the board of directors of the Company (HealthifyMe Wellness Products and Services Private Limited) through Form MBP-1” for the financial years 2015-2016, 2016-2017 and 2017-2018.

It underlined: “As per section 184 of the Act read with Rule 9 of the Companies (Management and Administration) Rules, 2014, every director is required to disclose his concern or interest, including shareholding, in any company, companies or bodies corporate, firms, other association of individuals, at the first board meeting of every financial year.”

Agrawal said: “Board of Directors of HealthifyMe Wellness Private Limited, India are fully aware of this fact.”

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On whether these interests had been declared to Indian authorities, he said: “We have been transparent to the tax authorities.”

HealthifyMe Pte Ltd, Singapore, was incorporated on December 2, 2014. HealthifyMe Wellness Products and Services Private Limited, incorporated on June 22, 2015, became HealthifyMe Wellness Private Limited on March 12, 2018.

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