RAMS Home Loans founder charged over $30 million tax fraud
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RAMS Home Loans founder John Kinghorn will fight federal police claims he dodged more than $30 million in tax over a 10-year period.
The Australian Federal Police allege the retired multi-millionaire Sydney businessman fraudulently concealed his beneficial ownership and control of corporate entities.
The 76-year-old was charged after an eight-year investigation relating to his conduct between 1997 and 2007 and could face up to a decade in jail if found guilty.
Kinghorn’s matter was heard at Sydney’s Downing Centre Local Court on Tuesday morning where he entered a plea of not guilty to one count of dishonestly influencing a Commonwealth public official and one count of defrauding the Commonwealth.
The AFP allege Kinghorn concealed his control of Kalomo Corporation Limited and Kalomo Pacific Leasing between March 2004 and March 2007, court documents show.
It also claims Kinghorn defrauded the Commonwealth by representing to the taxation commissioner that he did not control any unlisted company incorporated outside Australia.
The AFP said this prejudiced the taxation commissioner’s ability to assess his income tax liability.
The maximum penalty for the offences is 10 years’ jail.
“This result should serve as a warning that we will use every capability at our disposal to bring allegations of fraud before court,” AFP Assistant Commissioner Neil Gaughan said in a statement.
Financial crimes pose a threat to the economy and the tax system, he added.
“Commonwealth fraud offences have a significant impact on the Australian public – every dollar represents funds that could have been put to use for the benefit of the whole community.”
The AFP’s serious financial crime task force has clawed back more than $408 billion in tax liabilities since 2015.
The matter has been adjourned until February 2018.
Article source: http://watoday.com.au/victoria/police-conduct-antiterrorism-raids-in-ascot-vale-20170608-gwnqdr.html
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