Already a subscriber?Across from Bondi Icebergs, with a sweeping and unobstructed view across the iconic Sydney beach, is a nondescript apartment block. Unit by unit, over a decade, it has been acquired by STM 123 No 11 Pty Ltd.
“These very wealthy people, the wealthier they are, the more they value their privacy,” Morrell says. “Privacy is the main driver, but I’m sure there is a seedier side. I’m seeing more and more people using a company vehicle to purchase properties.” Whyte is far from alone in using a corporate vehicle to buy into Crown Residences. At least $70 million of real estate in the tower is owned by wealthy Malaysians Nur Jannah Ong and Saiful Ong. These apartments are all owned by Lavender Pty Ltd.
A more complicated approach is to use a shell company, often linked to a trust, says family office consultant Joanne Sun. It’s not just apartments that are being snapped up in discreet ways – mansions in some of the country’s coveted locations were also being acquired through these means. Transparency International Australia chief executive Clancy Moore says there are still billions of dollars of Australian assets out there that have been acquired with dirty money due to limited checks on the cash that flows into shell companies., meaning Australia is a hotbed for billions of dollars of dirty money. Australia is one of just five countries – alongside Haiti, Madagascar, the United States and China – that still oppose regulating lawyers and other service providers.