Greece’s Honorary Consul General in Brisbane Jim Raptis has denied any wrongdoing over allegations by the Australian Taxation Office that he has been involved in “tax avoidance arrangements”.
The ATO took to the Federal Court on Friday securing a freezing order for over $80 million in assets connected to the Gold Coast developer, including companies that were listed in the Pandora Papers leak.
The Pandora Papers consisting of millions of documents on the dealings of 30 national leaders, 100 billionaire businessmen and 300 government officials, were leaked to the International Consortium of Investigative Journalists (ICIJ).
“As a result of a review-audit the [ATO] has concluded that there are significant amounts of undisclosed income and evasion by Mr Raptis,” the judgment said.
But in a statement to the Australian Financial Review – which was one of the media outlets worldwide the Pandora Papers were exposed to – Mr Raptis stated he had always conducted his financial affairs “appropriately and legally” and specifically noted the legality of an offshore fund investment citing diversification purposes.
“We intend to work co-operatively with the ATO (and if necessary, lodge objections) to resolve these historical matters,” Mr Raptis said on Wednesday.
“Although we are disappointed with aspects of the orders, we note that business as usual is part of the orders, and all our current projects are progressing as planned.”
Among the alleged debts and penalties, Mr Raptis is alleged to owe $23.8 million over tax assessment for the period 2014 to 2019
Members of Mr Raptis’ immediate family, and entities with which he is associated, are alleged by the ATO to be also involved in tax avoidance arrangements.
Following the freezing order, Mr Raptis was allowed $10,000 for expenses, including cost of living, legal fees and ordinary business expenses.
