Tuesday, April 05, 2016

#PanamaPapers Reach Into Australian Mining



The Mossack Fonseca documents show large and complex transactions within BHP's many British Virgin Islands companies, which may reflect the need to create accounting profits in the Plc side of the group out of which dividends to shareholders can be declared. 
 
What emerges from the mountain of Mossack Fonseca documents about BHP Billiton's companies is just how much paperwork is involved in running the offshore world – and how many opportunities there were for Mossack Fonseca to bill its big client.
 
In April 2005 a BHP Billiton wrote to Mossack about a "tight timeframe" to issue redeemable preference shares in BHP Billiton UK Holdings Ltd, a BVI company. Unfortunately there was the matter of an outstanding invoice for $US1,430, but once that was resolved Mossack swung into action.


http://www.afr.com/news/policy/tax/the-panama-papers-what-the-files-reveal-about-the-billiton-merger-20160404-gny1fo

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