UPDATE 1-Westfield exec refuses US Senate panel tax queries

By Georgina Coolidge WASHINGTON, July 25 (Reuters) - The group managing director of Australia-based Westfield Group (WDC.AX: ), a major shopping mall group, refused on Friday to answer questions from a U.S. Senate subcommittee investigating international tax havens. Peter Lowy, a U.S. citizen, cited his constitutional right to not give self-incriminating testimony when he was called to answer questions about his family's involvement with LGT Bank of Liechtenstein. The Senate Permanent Subcommittee on Investigations is looking at LGT Bank as part of a larger inquiry into wealthy Americans who avoid taxes by hiding assets in Switzerland and Liechtenstein, a tiny European principality. The practice deprives the U.S. government of $100 billion in revenues annually, according to lawmakers. Sen. Carl Levin, a Michigan Democrat and... [read full story]