Page 253 - Week 01 - Wednesday, 13 February 1991
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out. The last 24 hours has seen Allens show that history repeats itself - on this occasion with the stakes higher, and documents showing Westpac involved in a conspiracy to pervert the course of justice. Hundreds of thousands of dollars have been spent trying to suppress the truth, even to the extent of placing a muzzle on the Senate by using political influence.
Westpac has destroyed hundreds of families and cheated the Australian people out of tax, leaving the average wage earner to shoulder the burden whilst Westpac directors are earning in excess of $1m a year. I will now quote from the document I referred to earlier:
The type of lending we have in mind is that arranged through the bank's off-shore branches - particularly Singapore and London offices and through the bank's Hong Kong subsidiary ... This type of lending is heavily influenced by the bank's own taxation position.
The package has been developed so that the bank's income from these loans will be deemed to have a Singapore source and taxation is payable only in Singapore -
the difference being that Singapore tax under those circumstances is 10 per cent rather than Australia's 46 per cent at the time. Allens' tax advice showed that, to achieve its concession in Singapore, it had to carry on the blatant charade of the Singapore branch being independent. The conference noted in this respect that, with reference to the place of execution of the contract, "Not all borrowers want a holiday in Singapore - various stamp duty provisions affect a borrower's decision". (Extension of time granted)
Westpac's Singapore branch files also prove the charade, noting:
Whilst the credit assessment, and decision on whether or not to provide an off-shore loan to a particular borrower, rests entirely with the lending officer concerned (ie the branch manager on-shore in Australia) it is essential that Singapore's 'approval' be sought before advising borrowers. This is necessary for several reasons ... Control of the loan must appear to be in the hands of Singapore branch for taxation reasons.
Meanwhile, the managing director of Westpac, Stuart Fowler, and Allens - the latter no doubt only too pleased at the present situation and the exorbitant fee it is making out of it - are abusing the legal system and manipulating - - -
Mr Collaery: I raise a point of order, Mr Speaker.
MR MOORE: I withdraw that statement, Mr Speaker.
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