💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Australian PM Turnbull named in Panama Papers - AFR

Published 12/05/2016, 09:47 am
Updated 12/05/2016, 09:50 am
Australian PM Turnbull named in Panama Papers - AFR

SYDNEY, May 12 (Reuters) - Australian Prime Minister Malcolm Turnbull has been named in the Panama Papers as a former director of a British Virgin Islands company set up to exploit a Siberian gold prospect, the Australian Financial Review reported on Thursday.

Turnbull and former New South Wales Premier Neville Wran joined the board of Australian-listed Star Mining NL in 1993. The company hoped to develop a A$20 billion ($14.8 billion) Siberian gold mine called Sukhoi Log, the paper said.

Both Turnbull and Wran were subsequently appointed directors of Star Technology Services, a subsidiary of Star Mining in the British Virgin Islands which had been incorporated by Mossack Fonseca, the Panama-based law firm at the centre of the global scandal.

There was no suggestion Turnbull acted improperly and he resigned from both companies in 1995, the AFR said. Turnbull's spokesman had no immediate comment when contacted by Reuters.

The details are included in documents obtained by the International Consortium of Investigative Journalists known as the Panama Paper but are not part of the publicly searchable database, the AFR reported.

Tax havens and transparency have been thrust into the spotlight as governments worldwide launch probes into possible financial wrongdoing after the details of hundreds of thousands of clients' tax affairs were leaked from Mossack Fonseca. a former investment banker and technology entrepreneur, is campaigning ahead of a general election on July 2, with his ruling Liberal-National coalition in a virtual tie with the main opposition.

($1 = 1.3557 Australian dollars)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.