Chandigarh, Oct 14: Former Punjab chief minister Parkash Singh Badal today clarified that he has not made any investment in cash or kind abroad, including tax haven Cook's Island. A spokesman for Badal as well as Manpreet Singh Badal, MLA and nephew of the former chief minister, described "mischievious" a report from Auckland by an international news agency that Badal, who is under investigation by Punjab Vigilence Bureau, faced exposure under the new laws in Cook's Island under which operators of off-shore companies, banks, insurance companies and trust accounts will have to make full disclosure after June 4 next year.
"Basically the procedures and principles that will apply in the cooks are those that will apply anywhere else," a news agency quoted chairman of the Cook Islands financial supervisory commission Travor Clarke as saying.

The news agency has named Badal on the basis of allegation made against him by Chief Minister Amarinder Singh in a New Delhi magazine, ‘National Review’.

"It is strange that though people are reported to be investing money in cooks islands since eighties only Badal's name has been mentioned in the news story from Auckland," Manpreet said.
He reiterated the former chief minister's assertion that he would quit politics if an investment of a single paise abroad is proved.

"We stand by our stand that we have no foreign investment-hidden or unaccounted or through any other mode," he added.

Bureau Report