Australia's Lowy to fight tax dodge allegations

Business Materials 20 July 2008 11:35 (UTC +04:00)

International shopping centre magnate Frank Lowy, Australia's second-richest man, vowed to fight allegation aired in the United States that he used the European jurisdiction of Liechtenstein to hide millions of dollars from the taxman, the dpa reported.

Australia's ABC Radio reported Sunday that Lowy, who ranks below only iron ore mogul Andrew Forrest on the wealthiest list, issued a statement rejecting the charges.

Lowy was named in a US probe into information provided by Heinrich Kieber, a 43-year-old computer expert who filched client files from Liechtenstein's LGT Bank and sold them to tax authorities in Germany and Britain.

The Australian Tax Office doesn't pay for tip offs, but earlier this year received the information for free through an exchange agreement with other national tax authorities, it said.

Kieber, who has changed his identity and is in a witness protection programme, triggered tax probes in 14 countries.