Real Estate Scandal: Government Hopes to Recoup Lost Revenue

11 years, 6 months ago - October 24, 2012

The real estate scandal was the subject of Opposition MP Kee Chong Li Kwong Wing’s question to the Prime Minister Navin Ramgoolam in parliament on Tuesday. The PM assured that the government will try to recover all the revenue lost during the illegal sales of real estate.

Li Kwong Wing wanted to know whether, in regard to the allegation of illegal sale of land and property to non-citizens by the former chairperson of the Commission for Economic Democratisation, an inquiry would be set up. Ramgoolam replied the inquiry will include illegal transactions which took place prior to 2005.

He added the Board of Investment, Financial Intelligence Unit and the Financial Services Commission had carried out inquiries into the mechanisms used by foreigners to avoid paying taxes.

The inquiry revealed the names of five companies which were involved in such practices.

They included Le Cerisier limited, Salt Rock limited, le Jardin du Cap, White Oaks and Oasis. Ramgoolam added the law was amended to prevent foreigners and companies from “Benefiting from loopholes in the law.”

Text by the Independent

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