Frank Lowy Named In US Investigation on Offshore Tax Havens

| | Comments (0) | TrackBacks (0)
The New York Times reports that the US Senate Permament Subcommittee on Investigations named Australian property maven and philanthropist Frank Lowy in a 114-page Staff Report on how the investment bank UBS created offshore tax havens in Liechtenstein.  The report is part of a Permanent Subcommittee investigation on Tax Haven Banks and US Tax Compliance which held a hearing on 17th July 2008.

The Permanent Subcommittee's press release claims that Lowy used Liechtenstein's LGT Bank to 'transfer companies and a foundation with a Delaware corporation to help the Lowys hide their beneficial interest in a foundation with $68 million in assets.'  NYT reveals the foundation was Laperla based in Liechtenstein and used to funnel up to $US100 million.

The Sydney Morning Herald reports Lowy is cooperating with an Australian Taxation Office audit.  Lowy's son Peter is rescheduled to appear at a Permanent Subcommittee hearing on 25th July.

The Australian Financial Review's forensic journalist Neil Chenoweth investigated Australian entrepreneurs with Swiss offshore tax havens in Packer's Lunch (Allen & Unwin, Sydney, 2007).  For a broad international context also see my 2006 essay on anti-money laundering initiatives.
Reblog this post [with Zemanta]

0 TrackBacks

Listed below are links to blogs that reference this entry: Frank Lowy Named In US Investigation on Offshore Tax Havens.

TrackBack URL for this entry: http://alexburns.net/mt/mt-tb.cgi/9

Leave a comment

About this Entry

This page contains a single entry by Alex Burns published on July 18, 2008 1:36 PM.

Errors In Quantitative Models & Forecasting was the previous entry in this blog.

Leximancer's Customer Insights & Social Media is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.