Vitals Global Healthcare Ltd is the main company name that appears in the newspapers whenever the hospitals deal is mentioned. But Vitals was not even the company that won the tender. The reality is that there is a complex network of companies kept hidden from the public purposely in order to cover their tracks.
Who won the tender?
The tender was won by a new company established in the British Virgin Islands called Bluestone Special Situations #4, owned by Mark Pawley of the Singapore investment form Oxley Capital Group.
Why is there a company called VGH if it didn’t win the tender?
While Pawley won the tender, his parent company (Asia Harimou Invesments, which owns Bluestone SS4) was heavily in debt and he needed investors to fork in the money. These investors are Ambrish Gupta, Ashok Rattehalli and Ram Tumuluri, who with Pawley own 70% of Vitals Global Healthcare.
Who owns the other 30% of Vitals Global Healthcare?
That’s the million dollar question (although 30% of VGH is worth much more than 1 million dollars). The privatisation was kept secret from the public, but this 30% equity ownership was completely left out of any of the secret agreements. Whoever owns this 30% wanted to remain very, very well hidden.
Why all these companies?
Most of the companies featured are set up in the British Virgin Islands, a country which keeps company information and accounts secret from everybody, including the police. The structures used in this deal are complicated for a purpose. Usually, company structures like these are used for money-laundering purposes, with the intention of complicating things more than they should be.
For example, Bluestone SS4 mostly owns the holding companies (which manage the assets and operations of the hospitals) with 3 other men: Mohammed Shoaib Walajahi, Chaudry Shaukat Ali, Asad Shaukat Ali, who together own Pivot Holdings Ltd. But the holding companies need to go through another company on the map called Crossrange Holdings Ltd which is owned by Pawley and the three men.