Business
ATO wins $137m from Binetters’ Israeli banks after 16-year pursuit – The Australian Financial Review
The deal by Israel Development Bank is one of the largest settlements ever for back-to-back loans cases and follows a 16-year Tax Office pursuit of the Binetters….
IDB, which made no admission of culpability in the settlement agreement, said in a statement that it had appointed a former judge to conduct an independent inquiry into the conduct of the bank.
IDBs insurer will pay $US55 million ($72 million) of the settlement amount, the bank said.
Mr Sheahan, who praised the high level of expertise and support provided by the Tax Office, said he hoped to raise further funds for the ATO, which is still owed $80 million to $85 million.
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