Coles’ secret dollar deal for Woolies store

 In Australia, Coles, NewZealand, Woolworths
Coles has paid $1 to officially become the owner of a $40 million Sydney supermarket leased to rival Woolworths after it was caught using an elaborate tax haven structure to conceal its identity as the owner.
Coles has defended its actions as a ”common” industry practice, dismissing questions about the use of an offshore company to act secretly on its behalf as a ”conspiracy theory”.
Land title records show Coles paid $1 at the start of the present financial year to formally take ownership of the property instead of holding it at arm’s length via an agent and trustee, Sino Ace Investment Pty Ltd, a company ultimately controlled by an entity registered in the British Virgin Islands.  Sydney Morning Herald – Read more…

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