Billionaire Huang told to reveal world wide empire

 

Exiled Chinese billionaire Huang Xiangmo has lost a bid to keep details of his worldwide assets away from Australian authorities as they pursue him over a $140 million tax bill.

It comes a day after the property tycoon, at the centre of a political corruption scandal, accused the media and Australian agencies of collaborating with the "deep state" to attack him.

The Federal Court of Australia, on Monday, ordered the billionaire to disclose the scope of his Australian assets and his international empire by November 11.

His legal team, on Thursday, asked Justice Jayne Jagot to stay the disclosure of his international assets saying Mr Huang could be "prejudiced" by the order.

Exiled Chinese billionaire Huang Xiangmo. Picture Renee Nowytarger
Exiled Chinese billionaire Huang Xiangmo. Picture Renee Nowytarger

 

But Justice Jayne Jagot dismissed concerns Mr Huang could be "exposed" to legal repercussions and investigations in Australia and abroad if he was forced to hand over the information.

Lawyers for the Deputy Commissioner of Taxation, who brought the case against Mr Huang, had told the court they can't use the information to bring criminal or civil legal action against the billionaire.

They will also not be able to pass the information on to other international agencies.

"It is the absence of prejudice to the respondent which weighs most heavily on my mind against granting of the stay," Justice Jagot said, declining the stay.

 

The exterior of Xiangmo’s Bay Street, Mosman mansion.
The exterior of Xiangmo’s Bay Street, Mosman mansion.

The court heard a comparison between Huang's case and that of Australian mining magnate Clive Palmer where he, last year, was concerned about disclosing information to the liquidators of his company Queensland Nickel.

Thursday's decision comes a day after Mr Huang launched a bizarre online rant that called the tax office a "despicable tool of political persecution".

Mr Huang accused the various authorities and media of a "synergised collaboration" to attack him.

"Such concerted effort, with its magnitude across and beyond, would be unexplainable without the involvement of a "deep state"," Mr Huang said.

The billionaire's Australian assets were frozen in September - among them a Mosman mansion worth almost $13 million purchased in his wife's name.

Huang Xiangmo pictured with former Labor leaders Bill Shorten and Luke Foley.
Huang Xiangmo pictured with former Labor leaders Bill Shorten and Luke Foley.

Mr Huang left Australia late last year and began transferring tens of millions of dollars offshore, the court previously heard.

His wife, Jiefang, is also a target of the freezing orders. She left the country around the time the $140m tax bill landed.

The Independent Commission Against Inquiry is still investigating whether Mr Huang was the source of $100,000 cash which was handed to NSW Labor headquarters in an Aldi bag in 2015.

The ICAC has heard evidence Mr Huang was so cosy and generous with political leaders he was able to buy "influence" in the party and secure a lunch with Bill Shorten.

Mr Huang refutes allegations he was the source of the illicit donations but has declined to give evidence at the ICAC via audiovisual link from his home in Hong Kong.

Both the ICAC and the Federal Court case will resume in early December.

The billionaire's mansion is worth almost $13 million.
The billionaire's mansion is worth almost $13 million.
The Bantry Bay was purchased in Xiangmo’s wife's name.
The Bantry Bay was purchased in Xiangmo’s wife's name.


Rugby star comes home to assist with drought relief

premium_icon Rugby star comes home to assist with drought relief

The drought drop at Warwick Rugby Union Club this weekend promises to put the sport...

Coles milks marketing campaign for millions, farms suffer

premium_icon Coles milks marketing campaign for millions, farms suffer

THE supermarket giant agreed to pass on much-needed profits to Southern Downs...

GALLERY: Allora's most festive families

premium_icon GALLERY: Allora's most festive families

CHECK out how the Southern Downs celebrates the silly season!