The Bailiwick Express has reported that the 76-year-old businessman John Kinghorn, who also founded RAMS Home Loans, was charged this week of defrauding the commonwealth and deceiving a commonwealth public official.
The claims follow a long running investigation by the Australian Federal Police (AFP) who allege Kinghorn falsely claimed that he did not beneficially own and control two companies registered in Jersey – named Kalomo Corporation and Kalomo Pacific Leasing.
Eight year investigation
Neil Guaghan, AFP assistant commissioner, said the charges came following eight years of inquiries, which also involved the Serious Financial Crime Taskforce and various international agencies.
“Serious financial crime poses a threat to Australia’s economy, financial markets, regulatory frameworks, superannuation and tax system,” Guaghan said
“Commonwealth fraud offences have a significant impact on the Australian public — every dollar represents funds that could have been put to use for the benefit of the whole community.
“This result should serve as a warning that we will use every capability at our disposal to bring allegations of fraud before the court,” he said.
The AFP alleges the ownership of these two companies allowed Kinghorn to avoid tax of more than $30m ($23.9m, £18.2m, €20.5m) an offence that could put him behind bars for up to 10 years, the Bailiwick Express reports.
The case has been adjourned to February next year.