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.