OTHER THINGS YOU MAY HAVE MISSED – AUGUST 25

25th August 2019

INDIA: NARESH GOYAL OF JET AIRWAYS “CREATED TAX EVADING SCHEMES TO SIPHON OFF FUNDS ABROAD” INCLUDING USE OF ISLE OF MAN COMPANY

The Times of India on 24th August carried an article about the ongoing investigation into the founder of Jet Airways (which collapsed in April), with further searches carried out in relation to suspected tax evasion and foreign exchange law violations.  It is alleged that “huge amounts” were sent in inflated commissions to a related entity in Dubai, and that Goyal is the likely beneficial owner of large amounts in accounts outside India.  The article highlights Tail Winds Corporation, formed in the Isle of Man in 1992, which is suspected to control Jet Airways’ activities.  One search involved premises of Hasmukh Deepchand Gardi, partner and investor in Tail Winds (and who was mentioned in the Panama Papers), who is based in Dubai.

https://timesofindia.indiatimes.com/business/india-business/naresh-goyal-created-tax-evading-schemes-to-siphon-off-funds-abroad-ed/articleshow/70818431.cms

AUSTRALIA: SHELL HIT WITH $755 MILLION BILL IN FIGHT AGAINST MULTINATIONAL TAX AVOIDANCE

The Guardian on 24th August reported that the Australian Taxation Office has hit the British-Dutch oil giant Shell with a bill estimated at $755 million as it continues to pursue multinational resources giants over claims they have avoided paying tax on offshore gas projects.  Shell Energy Holdings Australia has been fighting the ATO for 6 years over tax on the company’s stake in the $30 billion Browse gas project.  This follows the success last year, when Chevron paid the ATO $866 million to settle a lawsuit, in which it was alleged that the 9% interest rate charged on a US$2.5 billion inter-company loan was far too high.  The article says that the attack on the resources sector also forms part of a broader ATO attack on “transfer pricing” abuse, where the Australian arms of multinationals pay inflated prices for goods, services or loans to their offshore affiliates, thus siphoning money away from the country without tax being paid; and follows the enactment of the Multinational Anti-Avoidance Law in 2016.

https://www.theguardian.com/australia-news/2019/aug/25/ato-slugs-shell-with-755m-bill-in-fight-against-multinational-tax-avoidance

IRISH FA STAFF MEMBER ARRESTED OVER ALLEGED FRAUD

The Irish Times and others reported on 25th August that, according to the PSNI in Northern Ireland, a staff member of the Irish Football Association has been arrested in connection with an alleged fraud at the organisation, with a sum involved said to be around £200,000.

https://www.irishtimes.com/news/ireland/irish-news/irish-football-association-staff-member-arrested-over-alleged-fraud-1.3996693

CMM

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

 

 

 

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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