US probe into Lowy & #39;s offshore banking

US probe into Lowy's offshore banking A US Senate probe into the use of off-shore tax havens will examine the banking strategies used by Australia's second richest man Frank Lowy and his sons. The US Senate Committee is investigating the use by banks in Liechtenstein and Switzerland, and a report to be issued at a hearing in Washington on Wednesday notes the Lowys have "multiple Lichtenstein-related entities and transactions". Peter Lowy, who heads the US offshoot of his father's global shopping mall chain Westfield, was called to give evidence on Wednesday but a spokesman has told News Ltd he is unable to attend due to a long-standing business engagement. He would be happy to give evidence before the committee at a future date, the spokesman said. A lawyer has also released a statement saying "the Lowy family has done... [read full story]