Chinese billionaire Huang Xiangmo ordered to declare worldwide assets by Australian court
- Huang, a property developer who was exiled from Australia in December, is accused of ‘grossly understating’ his income over three years
- In response, he’s accused the tax office of being a ‘despicable tool for political persecution’ and part of a conspiracy of ‘unknown dark forces’
Chinese billionaire Huang Xiangmo has been ordered to declare all of his assets – everywhere in the world – to the federal court as the Australian tax office continues to pursue him over an alleged A$140m (US$96 million) tax bill.
The tax office alleges Huang, a property developer, sought to avoid tax by “grossly understating” his income for three years, and now owes A$140m in unpaid taxes, interest and penalties.
Huang is contesting the case, and had resisted declaring his worldwide assets, with his lawyers arguing in court the Chinese national had “not insubstantial” commercial arrangements around the world – including continuing development projects in Australia – that could be affected by him being forced to disclose all of his financial arrangements.
Huang’s Yuhu Group is currently developing the site at One Circular Quay in Sydney’s central business district. But work on the project, on the shores of Sydney harbour, has stalled, there is no builder and it is unclear when the project might resume.
In court, lawyers for Huang sought – and received – assurances that the information disclosed to the court about Huang’s global empire would not be used to mount fresh investigations into his tax affairs or shared with overseas revenue agencies.
