Australian Prime Minister Malcolm Turnbull Linked to Panama Papers
May 12, 2016 11:55 PM EDT
Now is not the right time to establish a good campaign trail for Australian Prime Minister Malcolm Turnbull as his name was discovered listed in the controversial Panama Papers. On Thursday, he denied any wrongdoings of whatsoever after being named as the former director of a British Virgin Islands company.
Mr. Turnbull's name appeared in the leaked documents linked to Star Technology Services Limited, a British Virgin Islands company. Intended to feat a Siberian gold prospect where he became a co-director from 1993 to 1995 is now managed by the ignominious Panamanian law firm, Mossack Fonseca, as reported by Mashable.
The Panama Papers which is deliberated to be the biggest leak in the history of journalism, revealing thousands of names for using companies or corporation with no assets and other secretive financial arrangement. Lead by the International Consortium of Investigative Journalists, they searched for Mossack Fonseca's internal documents to show how politicians, celebrities and sports people placed their riches in global tax havens.
According to Australian Financial Review, the British Virgin Islands company was incorporated by Mossack Fonseca in November 1991 under the name Green Applied Systems, for mining entrepreneur Ian MacNee. The name was then later changed in 1992 to Star Technology Services, after MacNee together with Ludmilla Melnikoff, a Russian-Australian, made a deal with Russian politicians for a 34.88% share in LenaGold.
"The company of which Neville Wran and I were directors was an Australian listed company and had it made any profits-which it did not, regrettably-it certainly would have paid tax in Australia."
Turnbull and former NSW Premier Neville Wran engaged in the board of Australian-listed Star Mining NL in 1993 where the company hoped to establish a A$20 billion Siberian gold mine called Sukhoi Log.
Tax havens and transparency have been extended into the spotlight as governments around the world conduct investigation into potential misdeed after the information of hundreds of thousands of clients' tax affairs were leaked from Mossack Fonseca, Fortune reports.
Turnbull who is a former technology entrepreneur and investment banker campaigns ahead of a general election on July 2 along with his ruling Liberal-National Coalition in a virtual tie with the mail opposition.