Breaking News

Tsk Tsk Turnbull

2 minutes to read

After the launch of Australia’s Federal Election on the 8th of May, Prime Minister Malcolm Turnbull has found himself under a different type of public interest.

Yesterday it was revealed that Mr Turnbull’s name is among those listed in the Panama Papers – 11.5m documents from the world’s fourth biggest offshore law firm, Mossack Fonseca.

The Australian Financial Review states that the files reveal the “inside workings of a shadowy financial system that allows the wealthy and powerful to shift capital around the world where governments and tax agencies can’t find it”.

The papers feature 12 national leaders and 143 politicians along with a number other rich and powerful figures – including U.S. Presidential Candidate Donald Trump, U.K. Prime Minister David Cameron, Producer Simon Cowell and Actress Emma Watson.

However, the report released by Australian Financial Review states that “there is no suggestion (Turnbull) had acted improperly”.

A register listed Mr Turbull as the former director of a company named Star Technology Systems Limited during the 1990s, along with business partner and former NSW Premier Neville Wran.

Star Technology was not used as a “shell company”, but rather a company controlled by a holding company listed on the Australian Stock Exchange.

Mr Turnbull and Mr Wran both resigned from their positions at Star Technology in September 1995.

Opposition Leader Bill Shorten believes the Prime Minister still has “serious matters to answer”.

“I do not believe that what he said this morning is a full explanation.”

There is no evidence to suggest any impropriety committed by Mr Turnbull or Mr Wran while working for Star Technology.

7407696-3x2-940x627
Register of directors for Star Technology Systems Limited. Source: ABC

Featured Image: Australian Financial Review