In recent days we have been made aware of new developments concerning Mr Philip Dong Fang Lee – the owner of the Fame Cove property - and his wife, Xiaobei Shi.
As you might recall, the ATO has placed a freeze on assets associated with the couple’s business interests to the value of $272m pending inquiries into earnings/tax payment history. The Federal Court hearing in which the Lee's were to provide the financial details relating to their company assets has been rescheduled from 14 April to 14 July 2022.
The assets are held by:
- Philip Dong Fang Lee
- Xiaobei Shi
- Bao Lin Pty Ltd
- Lane Cove West Development Pty Ltd
- Tea Gardens Farms Pty Ltd
- Australian Pine Products Pty Ltd
- Mingze Pty Ltd
- Landmark Development & Finance Group Pty Ltd
Meanwhile, the ongoing Star Casino inquiry revealed Mr Lee has passed $2.7 billion through his Star accounts in the past 15 years, including $11m in one day, for a total loss of $54m. Mr Lee is not on trial at this inquiry but there is little doubt that the ATO will be taking note of these court proceedings in view of the pending Federal Court hearing into his tax affairs.
And now, in yesterday’s ABC News report, we learn that Xiaobei Shi’s pastoral company, Bao Lin Pty Ltd, in Myall Way, has been fined $250k by the Land and Environment Court for carrying out illegal work causing degradation and pollution of Marine National Park waterways. The fine includes penalties for the illegal construction of four dams on the property.
To be continued.....
Len Yearsley
