Billionaire couple Pankaj and Radhika Oswal who have been in a legal battle with the tax office over a 2011 assessment have now been ordered to pay A$1.2 million to the federal court as security to cover costs of their legal proceedings.
The billionaire couple’s appeal against the assessment relates to a capital gains tax event, linked to shares the Oswals held in Burrup Holdings Pt Ltd in year 2007.
Their defence argued that the security payment was unnecessary as the couple’s assets in Australia exceed their tax debt, but the federal court judge rejected that, saying because of mortgages and other factors it was difficult to ascertain the exact value of their assets and ordered the payment be provided within 28 days.
The Oswals owned a fortune of over $1 billion through their fertiliser empire in Western Australia. The empire collapsed in 2010 and the Oswals moved to Dubai.
They now stand accused of stripping hundreds of millions out of Burrup for personal use and the tax office also claimed that Radhika owed 186 million dollars in unpaid tax.