The Queen’s $20 million of private investments in offshore tax havens has been exposed as part of a massive document leak from a global advisory specialising in establishing trusts in the Cayman Islands and Bermuda.
Also named in the leak is Australian billionaire James Packer, Nicole Kidman and husband Keith Urban, Macquarie Bank boss Nicholas Moore and the new chairman of the AFL, Richard Goyder over an entity linked to his role as boss of Coles’ owner Wesfarmers.
The claims were exposed in 13.4 million documents from international advisory Appleby, leaked to a consortium of journalists. Based on the documents, dubbed the Paradise Papers, it is alleged the Duchy of Lancaster, which handles the monarch’s investments, held funds in the Cayman Islands and Bermuda.
About £10 million ($A20 million) of the Queen’s private cash is allegedly to have been tied up in offshore portfolios, including an investment in UK hire-purchase business Bright House, which has been criticised for exploiting poor and vulnerable customers.
There is no suggesting that any investments are illegal and the Duchy reportedly said the investment in BrightHouse was tiny.
About £10 million ($A20 million) of the Queen’s private cash is allegedly to have been tied up in offshore portfolios, including an investment in UK hire-purchase business BrightHouse, which has been criticised for exploiting poor and vulnerable customers.
There is no suggesting that any investments are illegal and the Duchy reportedly said the investment in BrightHouse was tiny.
Mr Packer was named in the papers in connection to his previous business interests with Asian gaming tycoon Lawrence Ho when the pair were setting up Studio City casino in Hong Kong.
Their joint venture company allegedly asked Appleby to establish an offshore company registered in the British Virgin Islands, Four Corners reported last night.
A spokesman for Mr Packer declined to comment.
Kidman and Urban allegedly asked Appleby to establish a company in the Bahamas in 2015 with the intension of buying property in the tax haven.
Macquarie Group executives, including Mr Moore, were named in relation to a network of legitimate offshore entities established by Appleby to house the group’s infrastructure investments.
Departing Wesfarmers CEO Richard Goyder was named because Appleby jointly, and legitimately, administered Wesfarmers’ Bermuda-based insurance arm.
Monday night’s Four Corners also alleged Michael Hutchence’s business manager shifted the rock star’s millions into an offshore account.
As revealed by The Daily Telegraph yesterday the manager, Colin Diamond, set up a company called Helipad Plain in 2015 in the tax haven of Mauritius, allegedly to benefit from the INXS frontman’s unreleased songs.
It is believed Diamond’s company has sole rights to “sound recordings, images, films, and related material embodying the performance of Michael Hutchence”.
Treasurer Scott Morrison said yesterday, November, 3, the ATO was reviewing the operations of 13 companies.
