The Panama Papers have exposed yet another tax dodger – this time in the form of Australian multi-millionaire, Prime Minister Malcolm Turnbull.
The Panama Papers have so far connected several political elites to controversial tax havens, in one of the biggest investigations and leaks the history of journalism has witnessed.
Prime Minister Turnbull has just called federal elections after a double dissolution of parliament – a bold move that has both the upper and lower houses of parliament dissolved. One of the main policies Turnbull’s Liberal party is pushing is a massive tax reform; clamping down on dodgers, while claiming to lower small business taxes. The tax reforms are a point of contention for both parties and Australians alike.
The Panama Papers have named former Rhodes scholar Malcolm Turnbull as a director of a company that used the Mossack Fonseca law firm – a firm that is now front and centre of the criminal investigations – for helping millionaires dodge tax. The Australian Financial Review reported that Turnbull was a board member of Star Mining NL, a British Virgin Islands company. It was set up by Mossack Fonseca to develop a gold mine in Siberia.
In addition to the investigations, the papers reveal that Turnbull had been appointed as director to Star Technology Service, one of Star Mining’s subsidiaries. Furthermore, it has been reported that Star Technologies had “made donations to Russian politicians.”
According to the Financial Review report, Turnbull & Partners had raised $72 million for Star Mining. After “court decisions in Russia ultimately stripped Star Mining of its LenaGold stake,” the company wrote off $127 million in 1998, citing a “failed venture.”
A response from Turnbull representatives claims that the Prime Minister had no idea that Mossack Fonseca was the administrative law firm – something difficult to comprehend for a savvy ex-lawyer, ex-journalist and investment banker.
Nine News, the mainstream Australian News Broadcaster, has been quick to point out that “there is no indication that the prime minister acted improperly;” however, it also announced that “more than 800 Australian clients of Mossack Fonseca are being investigated by the Australian Tax Office as a result of the initial leak.”
Turnbull made the BRW Rich 200 list in 2009 and 2010, with an estimated worth of $200 million AUD. He was also listed as a managing director and partner of Goldman Sachs in the late nineties. In 2002, Turnbull was questioned over Goldman Sach’s involvement in the privatisation of acquisitions of the collapsed insurance company. To be fair, he was later cleared of any misdoing.
Mossack Fonseca – keeping with lawyer traditions – has announced that it will be suing the International Consortium of Investigative Journalists (ICIJ) for the leaks, saying they provided false information.
Sources: Nine News, Australian Financial Review, Sydney Morning Herald, The Australian, News.com.
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