SIX QUESTIONS FOR MALCOLM TURNBULL
Recent reports on the Panama Papers have revealed that during the mid-1990s Malcolm Turnbull was a director of Star Technology Systems Ltd, a British Virgin Islands subsidiary of the Australian-listed company Star Mining NL, administered by Mossack Fonseca.
To dispel any concerns that Australians have about this activity, Malcolm Turnbull should answer the following questions:
1. Does Mr Turnbull agree that the British Virgin Islands is a tax haven?
2. Yesterday Malcolm Turnbull encouraged journalists to study the accounts of the companies concerned. According to the Financial Secrecy Index, “the British Virgin Islands does not require that company accounts be available on public record”.
Isn't it impossible for journalists to study corporate accounts of a country that does not publicly report them?
3. Once he agreed to serve as a director of this offshore company, was Mr Turnbull briefed on the relationship between Star Mining’s Australian arm and its British Virgin Islands subsidiary, especially in terms of how revenue and tax were handled?
4. Why was an ASX-listed company, with interests in a Siberian gold mine, holding assets through the British Virgin Islands?
5. Considering how United Kingdom Prime Minister David Cameron has recently fronted the UK media to give a full explanation of his offshore tax affairs, will the Australian Prime Minister front the Australian media to do the same?
6. What steps will Malcolm Turnbull take to ensure that Australia is at the forefront of action against profit-shifting and the use of tax havens?
FRIDAY, 13 MAY 2016
MEDIA CONTACT: TAIMUS WERNER-GIBBINGS (LEIGH) 0437 320 393