Labor backed $1.7b hospital deal with tax-haven link

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Labor approved a $1.7 billion foreign takeover of Australia's largest private hospital operator by two Cayman Islands-linked companies when it was last in power | ErykBagshaw ColinJKruger

show the Labor government, led by then treasurer Wayne Swan advised it had "no objection" to the deal despite the Tax Office having started its - ultimately fruitless - pursuit of TPG Capital for $620 million 10-months earlier over its share of float of department store chain Myer. TPG had transferred the gains to Luxembourg and the Cayman Islands.

Japanese giant Nippon has set its sights on a $4.2 billion deal with iconic Australian paint brand Dulux and TPG telecom is close to finalising a deal with the Cayman Islands-based Vodafone Hutchison Australia. "I would certainly as Treasurer be asking the questions about the tax changes. If an asset was being transferred from an Australian company to one which involves tax minimisation through tax havens I'd be very concerned about it," he said. "I would be asking why I should approve it?"

"Whoever is in government it's important that foreign investors have an understanding of what the ground rules are,” he said. Wilson Asset Management founder Geoff Wilson said Australia had always relied on foreign capital to fund its growth.

Source: News Formal (newsformal.com)

 

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ErykBagshaw ColinJKruger Your previous stories on Brookfield/Healthscope made no reference to Brookfield connection to Cayman Is. Only when MichaelWestBiz did story did you research back 7-8yrs on Labor. Did you know about Brookfield/CI connection when you wrote previous stories?

ErykBagshaw ColinJKruger Why can’t there be caveats that prevent governments and political parties from doing business with entities that trade through offshore tax havens? Doing business via tax havens doesn’t pass pub tests, why should it pass government criteria?

ErykBagshaw ColinJKruger HOSPITAL Morrison Govt, Over the last five years, funding for hospitals has increased by 63.2 per cent.

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