Federal police have seized properties and cash worth $1.6 million over an alleged scheme to use the Melbourne property market to funnel millions of dollars of funds from a Malaysian government entity to corrupt officials.
The seized properties and funds in bank accounts were owned by Australian property developer Dennis Teen, his wife and their private companies. Mr Teen was charged in July over accusations he paid Malaysian government officials $4.75 million in bribes to facilitate the purchase of a property development in Melbourne by the Malaysian government.
The August 18 seizure of properties linked to Mr Teen marks one of several rare but important wins for federal agents in the battle against Australian businesses bribing overseas officials or using offshore tax havens to allegedly engage in serious international financial crime. Among the cases was the guilty plea secured by the AFP of a Sydney businessman who bribed officials on the island of Nauru to win mining concessions.
The original full article can be found at smh.com.au
(Photo: LUIS ASCUI)