Anarcho-Capitalist NEWS: Billionaire's decades of profits spirited away from OZschwitz, tax free - YaY!

One of Asia's richest tycoons has avoided tax on tens of millions of dollars in profits from Australian property deals over the past two decades.

Anarcho-Capitalist NEWS: Billionaire's decades of profits spirited away from OZschwitz, tax free - YaY! Art353tycoon300x0

Onn Mahmud - brother of the billionaire chief minister of Sarawak in Malaysian Borneo - has used an elaborate global financial network to export his earnings from a portfolio of Sydney commercial and residential properties worth an estimated $100 million.

In one deal, Mr Onn sold an apartment development site in Potts Point for $15.5 million in 2007, realising a profit of $10.8 million.
Farok Abdul Majeed

Farok Abdul Majeed, who is suing Mr Onn for the $5 million he claims he is owed. Photo: Supplied

A former senior business associate of Mr Onn said no capital gains tax was paid on the deal and all of the proceeds were repatriated to a trust based in the Cayman Islands.

Read more: http://www.smh.com.au/nsw/billionaires-decades-of-profits-spirited-away-20130427-2ilc3.html#ixzz2RjROFWR0

Anarcho-Capitalist NEWS: Billionaire's decades of profits spirited away from OZschwitz, tax free - YaY!

Anarcho-Capitalist NEWS: Billionaire's decades of profits spirited away from OZschwitz, tax free - YaY!

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