The Lowy tax scheme

The Lowy family, which is the biggest shopping mall owner in the world, is under investigation for its alleged use of tax shelters in Liechtenstein. And it is making rich families around the world very nervous, reports The Wall Street Journal.But what is clear is that billionaire Frank Lowy (pictured above) and his sons David, Peter and Stephen hid assets from the Australian Taxation Office and used the European tax haven to conceal tens of millions of dollars for more than a decade. And of course, all this was going on when Frank Lowy was sitting on the board of the Reserve Bank of Australia from 1995 to 2000.At the same time, the Lowy family was using Liechtenstein's secrecy provisions to cut all sorts of shady deals, as reported here. See full article. Related Entries: Climate change and security risks - 04 October 2006... [read full story]