CANBERRA – Prime Minister Malcolm Turnbull has offloaded his stake in some of his hands-off mega investments in overseas tax havens where he has kept his millions while in office.
While legal, these financial arrangements have been attacked by the Labor opposition over appearances that Turnbull -- who is estimated to have a net worth of about $200 million -- is out touch and potentially soft on the tax dealings of the top end of town.
In a fresh update to the Register of Members' Interest, Turnbull has revealed he has divested himself of interests in the Delaware (U.S.) based double leveraged equity fund, Seven Locks Enhanced fund.
He and his wife Lucy Turnbull also no longer have interests in the Brazil based, offshore-managed fund, domiciled in the Cayman Islands, called 3G Natural resources.
Turnbull notes that the fund had been wound up by the fund manager and the bulk of the "redemption proceeds" have been returned to investors.
The Prime Minister is understood to have several more locally and offshore-managed funds, many based in the Cayman Islands, including CVC Opportunity fund, Zebedee Growth fund and the Bowery Opportunity fund.
Meantime, updates to the Register have revealed an unusual lobbying effort by the caravan industry.
Labor's Stephen Jones and Jason Clare have reported being gifted a "Let's Go Caravan and Camping" edition of Monopoly from the Caravan Industry Association of Australia, worth approximately $50.
Turnbull also received a Harrods hamper from the investment group Pacific Century Group, which he declared he donated to ACT Palliative Care.
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