ESSAR , Hauwei, Loop Telecom links in 2G Scam exposed

New Delhi Nov 8: The International Consortium of Investigative Journalists (ICIJ) has once brought out paradise papers - the documents to shun the light on offshore entities.

The documents reveal the details that The Essar Group provided the corporate guarantee to Huawei International Pte Ltd and to SREI Infrastructure Finance Ltd.

Huawei Company supplied telecom equipment and SREI had given a loan of Rs 200 crore to Loop Telecom Limited.

The CBI in 2G Scam case in his charge sheet claimed that Loop Telecom Ltd was a front company of the Essar Group and secured several bank loans on the basis of corporate guarantees by Essar.



The documents also reveal that Essar Global Limited gave the corporate guarantee to Singapore-based Huawei International PTE Ltd in September 2009, backing payment obligations of Loop Telecom Ltd for the supplies made under a contract between Huawei and Loop.

Response from ESSAR Group

Details relating to guarantees provided by Essar Global Fund Ltd to SREI and Huawei and the guarantee charges paid by the Khaitan Group to EGFL in this regard were provided to the investigating authorities at the time of investigation itself.