re: milch cow Thanks Luexcellent post.This Grimaldi is such a...

re: milch cow Thanks Lu

excellent post.

This Grimaldi is such a dodgy character...how did he ever get near CHM and MMX...disgusting people these in my opinion.....no conscience....no shame...they just want to rip off anyone in their path to get rich and live the rich lifestyle.



Grimaldi agrees to pay $36m to taxmanVANDA CARSON
July 14, 2009 .
FORMER Murchison Metals director and Sydney Swans backer Phillip Grimaldi has agreed he should pay more than $36 million in tax and penalties to the Australian Taxation Office for his part in a huge tax-avoidance scheme.

Sydney property developer Garry Bonaccorso has also agreed he is liable to pay $3.5 million in tax and penalties.

The pair were able to avoid tax by funnelling millions of dollars through a series of New Zealand bank accounts. The money was then sent back, disguised as a consultancy fee, management fee or insurance premium. Mr Grimaldi used the proceeds of the scheme to buy a $300,000 Bentley car, a $645,000 boat and to fund a shopping spree at British retailer Harrods.

Separate court action has been brought by the NSW Crime Commission in the NSW Supreme Court, alleging that the funds are the proceeds of crime.

If the two men are found to have committed fraud they face up to five years' jail.

Both the men invested in the alleged money-laundering scheme promoted by the Vanuatu-based Australian accountant Robert Agius.

The tax avoidance and money laundering scheme was exposed by a joint taskforce of the Australian Federal Police and Australian Taxation Office that has been tapping phones and raiding offices.

The pair are the largest clients of Mr Agius so far to face court orders to pay unpaid taxes. Dozens of others are facing criminal charges of defrauding the tax office in the NSW District Court.

Mr Bonaccorso's lawyers yesterday asked the Federal Court judge hearing the case to stay execution of the orders, meaning Mr Bonaccorso won't have to pay immediately.

The case arose out of an audit of the pair that resulted in the tax office issuing amended tax assessments dating back to as early as 2001. The amount was inflated by penalties because the ATO found the pair's "culpability factor" was 75 per cent.

According to a statement filed by AFP investigator Arthur Moerman in the criminal case against Mr Agius the scheme was a "straightforward round robin scheme".

Mr Moerman said an initial analysis of foreign company bank accounts operated by Mr Agius showed more than $100 million had been moved through them on behalf of hundreds of clients since November 2000.

Mr Grimaldi is alleged to have used Vanuatu companies including RLB Investments Ltd, Iron Investments and Iron International to evade tax. RLB Investments was a major shareholder in Murchison Metals.

International Finance Trust Company Ltd made more than $10 million in payments to Mr Grimaldi in two years to 2008.

Eight ANZ accounts and two at Bank of New Zealand were used as part of the scheme. Mr Grimaldi had $14.3 million in these NZ bank accounts, while Mr Bonaccorso had $220,000.

More than $1.25 million in an ANZ account in Auckland in the name of International Finance Trust Company Ltd was from the sale of 300,000 shares in Murchison Metals in June 2007.


http://www.theage.com.au/business/grimaldi-agrees-to-pay-36m-to-taxman-20090713-divf.html