Its Time To Get Angry, Very Angry!!!
This ring-a-ring-a-rosy has all the hallmarks of a transaction designed to create almost a billion dollars in losses which can be used for tax purposes in Australia. The Australian company has “invested” almost a billion dollars into two companies which were suddenly liquidated — with no value left for shareholders. Nothing is heard of them since.
It brings to mind the infamous Bottom of the Harbour tax schemes of the 1980s where the financial engineers – facilitated by the top end of the accounting community – made investments in companies, stripped those companies of their assets and left nothing for the taxman.