Thursday, 7 April 2016

Panama Papers: some of the corporations Malcolm and/or Lucy Turnbull created or invested in since 1981

A reader asked if North Coast Voices would look at the Australian Prime Minister’s investments in light of the release of information contained in the Panama Papers.

A searchable online database is yet to be created and information in the media on the ‘who and when’ of use of the Panamanian tax haven is still emerging, so there is not that much to compare Mr. Turnbull's extensive financial portfolio with at present.

However, I have created a short company list readers can refer to when the subject of Mossack Fonseca’s Australian clients is mentioned.

Companies/investments marked with a red asterisk denote association with a tax haven/low tax jurisdiction.

Private companies of which Malcolm Bligh Turnbull is known to be a director:

Turnbull & Partners Pty Limited –  created 1998, private investment company 
Turnbull & Partners Holdings Pty Ltd – created 1987, private investment company 
M.B. Turnbull Pty. Limited – created 1998, private investment company 
Wilcrow Pty. Limited –  created 1998, private investment company 
Pokana Pty Ltd – created 1981, private investment company/trustee of self-managed super fund 
Bonalil Pty Ltd – created 1985, private investment company 
Felix Bay Ltd – created 2000, not for profit company/trustee of the Turnbull Foundation 
Bonedale Pty Ltd – created 1987, intermediate holding company 

A selection of some of the corporations in which Malcolm and/or Lucy Turnbull invested from time to time, as set out in his Members’ Interests statements:

Century Turnbull LLC – created 2014 and incorporated in US, private holding company for Lucy Turnbull's New York property investments
Want Want China Holdings P/L,  – Chinese company, food manufacturing 
Hochtief AG – German company, construction. Taken to court by Australian Securities & Investment Commission for alleged insider trading of Leighton Holdings (now CIMIC) shares 
Melbourne IT Limited – incorporated Australia, domain registration company
Prima BioMed Limited – incorporated in Australia, German-Australian company, biotechnology
Porsche Automobil Holding – German-based holding company, automobile manufacture
Rubicor Group Limited – incorporated in Australia, contracting & recruitment services
Seadrill Limited – incorporated in Bermuda, offshore deepwater drilling 
CVB Financial Corporation – incorporated in U.S., holding company for Citizens Business Bank
Siemens AG – German company, industrial conglomerate. Certain Siemen managers were allegedly clients of Mossack Fonseca in the British Virgin Islands tax haven after corruption scandal *
Salzgitter AG – German-based company, steel production
Volkswagen AG VORZ - German automobile manufacturer
Centric Wealth – incorporated in Australia, financial services 
Lexmark International (?) – US company, printing and imaging equipment
New World Energy Ltd – incorporated in Australia, renewable energy 
Tarazz Pte Ltd – incorporated in Singapore,  IT *
Australia and New Zealand Banking Group allegedly facilitated clients use of Mossack Fonseca in the British Virgin Islands tax haven *
Commonwealth Bank of Australia – allegedly facilitated clients use of Mossack Fonseca in the British Virgin Islands tax haven *
Fiat Chrysler Automobiles – incorporated in The Netherlands, automobile manufacture 
Consumer Staples Select Sector SPDR ETF
BHP Billiton Limited – incorporated in UK, approx. 19 subsidiaries incorporated in British Virgin Islands, diversified resources, alleged client of Mossack Fonseca in the British Virgin Islands tax haven *
ETFS Physical Palladium Shares - shares issued by ETFS Palladium Trust aa company providing specialist investment solutions
Panoro Energy ASA – Norwegian-based company, exploration and production of oil and gas resources in West Africa
SPDR S&P 500 – incorporated in US,  exchange-traded fund 
Orocobre Ltd  Argentinian-based company, industrial chemicals and minerals 
Magellan Flagship Fund Limited  ASX-listed investment company
Forte Energy  – incorporated in Australia, minerals company focused on the exploration, evaluation and development of uranium and energy-related projects worldwide
JPMorgan USD Emerg Markets Bond  – incorporated in US, exchange-traded fund
iShares MSCI Brazil Index Fund – investment fund 
iShares iBoxx $ Invst Grade Crp Bond – investment fund trading in U.S. investment grade corporate bonds *
Utilities Select Sector SPDR Fund – incorporated  in US, exchange-traded fund 
Annaly Capital Management Inc  US-based company, mortgage real estate investment trust
Avita Medical Ltd – global medical technology company 
Revo Pty Ltd  – Australian-based company, custom computer programming service 
Goldman Sachs Private Equity Funds – part of a US-based investment group specializing in fund of funds and direct co-investments with 21 entities registered in Cayman Islands tax haven. The firm invests in other funds that invest in leveraged buyouts, growth financings, natural resources, venture capital, and distressed securities. It also acts as a co-investor in direct investments. The firm seeks to invest in private equity funds located in the United States, the United Kingdom, continental Europe, Latin America, and Asia *
Zebedee Growth Fund - incorporated in Cayman Islands, hedge fund *
Bowery  Opportunity Fund – incorporated in Cayman Islands, distressed debt *
3G Natural Resources Offshore Fund Ltd – Cayman Islands-based, hedge fund *
Predictive Discovery Limited – incorporated in Australia, gold and uranium exploration company
Vanguard Health Care ETF – incorporated in US, exchange-traded fund
CVC Global Credit Opportunity Fund  - incorporated in Cayman Islands, hedge fund *
MSD Torchlight Partners Ltd  - incorporated in Cayman Islands, hedge fund *
Seven Locks Enhanced Fund Ltd – registered in Cayman Islands, double-leveraged equity fund *
Elbrook Offshore Fund Ltd – registered in Cayman Islands, hedge fund *
 Brookfield Wells Street Offshore Fund – Cayman Islands-based, pooled fund global real estate equities *
 Morgan Stanley Real Estate Fund IV – US-based company, global commercial property portfolio.
First Eagle Global Fund – incorporated in US, long-term growth of capital

Malcolm Turnbull's last Register of Members' Interests statement dated December 2013 can be found here.

1 comment:

Tony Magrathea said...

Is Turnbull entitled to the rights or privileges of a subject or a citizen of a foreign power, ie 0% tax on the Caymans?
sure he bought the right but it still puts him in breach of the constitution.