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by huggybear » Thu, 17 Jul 2008 10:01 am
July 17 (Bloomberg) -- Billionaire Frank Lowy, Australia's
second-richest person, set up a secret Liechtenstein bank
account to hide at least $68 million from tax collectors, a U.S.
Senate panel said.
Lowy, founder of Westfield Group, the world's biggest
shopping mall owner, concealed assets with the help of bankers
at LGT Group, where Lowy was one of the biggest clients, the
panel said in a 114-page report on abuse of overseas bank
secrecy laws.
LGT Group, a bank owned by Liechtenstein's royal family,
and UBS AG, Switzerland's biggest bank, helped thousands of
people avoid taxes by hiding behind those countries' traditions
of guarding the identities of bank clients, the Senate Permanent
Subcommittee on Investigations report said.