Tue, Dec 24, 10:14am by Mia Chapman
The case of Chinese billionaire Huang Xiangmo is showing no signs of slowing down.
The Australian Taxation Office wants its $140 million in taxes, but Xiangmo seemed to have absconded.
Before doing so though, Casino Aus reports that Xiangmo may have withdrawn $100,000 from a Star Casino-linked junket account to pay off politicians.
The Star is fully cooperating with the investigation.
Huang, on the other hand, has no plans to return to Australia or respond to any of the allegations against him.
The Chinese-born businessman moved to Australia in 2011.
He is the chief executive officer of Yuhu Group, which is based in Sydney and classified as a property development company.
While much of his financial success is down to his business, Huang gained notoriety in Australia for his political donations.
It is widely believed he has donated approximately $3 million to several political parties.
When suspicions began to rise that he was trying to influence lawmakers on behalf of China’s Communist Party, he lost benefits.
More specifically, the Australian government cancelled his permanent residency and denied his application for Australian citizenship.
Finally, Xiangmo left earlier this year and was denied the ability to return.
According to the ATO, Huang owes more than $140 million in taxes.
An investigation by the ATO has determined that he had been manoeuvring his finances to avoid creditors and “grossly” understating his income to avoid taxes.
In addition, he is believed to have funnelled substantial funds to offshore bank accounts.
When Xiangmo’s wife and son recently left Australia, the ATO determined they had no intention of returning to Australia or settling any outstanding debts.
That led the ATO to send garnishment notices to casinos.
Xiangmo was known to keep money in casino accounts, as he was a high-stakes gambler.
The Star in Sydney and the Gold Coast, Treasury Casino in Brisbane and Crown Casino in Melbourne all received notices from the ATO.
Huang Xiangmo’s $65m gambling spree https://t.co/eFTSNcBh5U
— Update Gaming TIps (@updategamingtip) December 13, 2019
A cash withdrawal of $100,000 was allegedly made from a casino gaming fund linked to a Chinese billionaire.
Yahoo News reports this month that the news as significant because it was made less than a week before the same amount was deposited into the bank account of New South Wales Labor.
The Independent Commission Against Corruption is examining whether Huang Xiangmo was the true source of the money, said to be donated by 12 people at the 2015 Chinese Friends of Labor dinner.
As a property developer, Mr Huang was prohibited from making donations to New South Wales political parties.
He is now banned from Australia.
The Star’s Group investigations officer Kevin Houlihan recently presented evidence to ICAC showing Mr Huang listed as a player on a gaming junket program at the Sydney casino in April, 2015.
Wun Chi Wong, also known as Gary Wong, was listed as the junket’s operator on tendered documents.
The inquiry previously heard Mr Wong was Mr Huang’s assistant.
In an application to the casino in 2012, Mr Wong said he was an employee of property development company Yuhu Group, of which Mr Huang was a director and chairman.
Further documents tendered show Mr Huang provided a $5 million buy-in for a gaming junket scheduled at The Star for April, 2015.
The money was deposited as credit into Mr Huang’s front money account and then transferred to the front money account of Mr Wong on April 3, 2015.
A front money account is a bank account with the casino, where money is deposited and from which chips for gaming can be drawn down or cash can be withdrawn.
$100,000 was withdrawn from Mr Wong’s account in cash on the same day.
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