Panama Papers contains name of Australian PM- Malcolm Turnbull; but he denies wrongdoing

Malcolm Turnbull

Australia: Though, Malcolm Turnbull- Australian Prime Minister’s name is listed in the ‘Panama Papers’ as being a former director of a company which was incorporated by the tax haven law firm, namely, Mossack Fonseca, but now today, on Thursday, the said Prime Minister- Turnbull denied any wrongdoing on his part.

The company namely, Star Technology Services Limited’s former directorship is tagged on the shoulders of the Australian Prime Minister in the Panama Papers. And this company was incorporated by the Mossack Fonseca- a tax haven law firm, as per above.

Moreover, while commenting on the same, the Australian Prime Minister found stated that “there is nothing new there. The company concerned was a wholly owned subsidiary of a publicly listed Australian company.” The comments on his being named in the Panama Papers, was given by him before the Media.

Moreover, he also said that “the involvement is very, very well known.” It is notable here that the said company’s register document showing that the said Australian Prime Minister- Turnbull was the former director of the said company in the years 1990s and also listed Turnbull’s business partner, former NSW premier- Neville Wran. Also, notably the said documents saying that by the year 1995 in the month of September, both these partners resigned their directorship to the said company- Star Technology.

However, in the comments from the Australian Prime Minister- Turnbull, the said company to which “Neville Wran and I (he) were directors” was the company listed in Australia and he also said “had it made any profits- which it did not regrettably- it certainly would have paid tax in Australia.” As such, he sought to say diplomatically to the media reporters that “but obviously you haven’t studies the accounts of the company concerned.”

Reportedly, the Panama papers means the files in around eleven millions of number over a period from 1977 to last year’s December, which were leaked by the newspaper agency from Germany and later it was shared with the International Consortium of Investigative Journalists. The said papers are including the mixture of the Criminals, who use offshore companies for facilitating bribery, arms deals, tax evasion, financial fraud and drug trafficking and also those who made legal use of shell companies and offshore jurisdictions. Notably, the name of Australian prime minister brought under latter category.

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