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.
Chinese tycoon claims persecution by ‘dark forces of Australian deep state’
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.
Since being excluded from Australia, Huang has removed more than A$50m from the country, the Australian Tax Office alleges. It claims he does not have sufficient assets in Australia to cover his tax bill, and may seek to declare Huang bankrupt in order to pursue the alleged debt.
Tycoon ‘distanced himself from business empire’ to dodge tax bill
“All allegations against me have been ‘groundless’ in nature,” Huang said in a statement. “Be it a political donation or an alleged tax burden, it all leads to fictional tales fabricated in a vacuum. Even more shockingly, some government agencies have actually taken or attempted to take some ‘deep state-style’ actions against me based on those ‘fictions’. This is the real woe of Australia and where the actual risk lies for the country.”
The tax office has defended its independence and integrity.
“The ATO administers the taxation and superannuation laws fairly … when we collect revenue or make payments, we operate in a fair, professional and responsible way,” a tax office spokesman said.
