The US DOJ has described the 1MDB matter as the largest case of money laundering it has ever encountered. While its writs were filed in July,after the Shewan inquiry was submitted, Jho Low's theft was reported widely in Western and Asian media since early 2015,and on an ongoing basis. By late 2015 the 1MDB theft was under investigation by regulatory authorities in the UK, US,Switzerland, Singapore and Hong Kong. It is hard to imagine that New Zealand authorities were unaware of the matter. Shewan's conclusion,that "there has been no direct evidence of illicit funds being hidden in New Zealand foreign trusts", is perplexing.
1.6 The Panama Papers have not been released publicly by the journalists who have them and were not available to the Inquiry. There has been no direct evidence of illicit funds being hidden in New Zealand foreign trusts, or of tax abuse. However, based on the work undertaken, including a review of IRD files, the Inquiry considers it is reasonable to conclude that there are cases where foreign trusts are being used in this way. The current legislation, regulations and practice that govern disclosures by foreign trusts present both the potential and the environment for this to occur
The Panama Papers are of course available freely in a searchable database,and in any case the terms of reference are broad and in no way limited the Inquiry to the Panama Papers, as its terms of reference make clear:
In summary, the Inquiry is required to report and make any recommendations it considers appropriate relating to New Zealand’s existing foreign trust disclosure rules and their practical application whether the existing foreign trust disclosure rules and their enforcement are sufficient to ensure New Zealand’s reputation is maintained when considered alongside its commitment to relevant international agreements and laws options for enhancement and enforcement of the foreign trust disclosure rules, including any practical improvements that could be made or other actions that could be taken.
The Inquiry obtained briefings from the government agencies responsible for administration of the relevant statutes and international agreements, being the Inland Revenue Department (IRD), Department of Internal Affairs (DIA), Ministry of Justice (MoJ), the Treasury and the Financial Intelligence Unit (FIU) of the New Zealand Police. The Inquiry also met with the Privacy Commissioner and with the Department of Prime Minister and Cabinet. Follow-up meetings were held to clarify issues and obtain further detail where required.
Any one if not all the above entities would have been aware of the 1MDB theft, and the investigations that had been commenced by their counterparts in the UK, US and elsewhere. In addition, the matter was by then being reported all over the world by international media,even in New Zealand,where the NZ Herald reported the arrival in Auckland of Jho Low's superyacht Equanimity.
One of the world's most spectacular superyachts is lording it at Auckland's waterfront.
The 91.5m Equanimity accommodates up to 26 guests and comes with all the bells and whistles you would expect from a billionaire owner.
The boat has a helicopter landing deck and boasts its own 20m pool, gym, spa, turkish bath, beauty salon, elevator, movie theatre and "beach club". The boat's interior is also said to be decorated in gold.
It is believed to be owned by reclusive Malaysian billionaire Jho Low who has been using it to entertain famous friends at exotic locations around the world.
Hollywood stars Leonardo DiCaprio and Jamie Foxx are said to be fans of the superyacht. Gangnam Style singer Psy, socialite Paris Hilton and actress-model Kate Upton are other well-known faces who have attended lavish parties on board.
The vessel was built in 2013 and is manned by a crew of 26.
In the past few months Equanimity has visited Florida, Holland, South Korea, Greenland, Alaska and Japan.
A crew member from a neighbouring vessel said it was thought the superyacht was in Auckland for maintenance work.
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