Tuesday, June 07, 2016

The Isle of Man. When You Married Him For His Money But His Money Can't Be Found - The Isle of Man.

Its "The Art of the Deal, KPMG Style." When it came to flogging offshore hidey holes in the Isle of Man where rich Canadians could make their money vanish, KPMG thought to mine one rich vein of investors - those who wanted to hide their loot from the matrimonial clutches of their spouse. From CBC News:

Embattled accounting firm KPMG promoted its offshore Isle of Man tax avoidance scheme as a vehicle for stashing money away from ex­-spouses in divorce proceedings, documents handed over to a parliamentary probe reveal.

Those revelations are contained in several "private and confidential" emails between KPMG tax executives and an outside law firm, as well as in a talking point "script" for accounting sales reps to promote the Isle of Man tax dodge to their affluent clients.

The discovery that KPMG discussed avoiding Canadian laws in family disputes is the latest development in a growing scandal in which one of Canada's largest accounting firms ran a secret offshore scheme for more than a decade that that the Canada Revenue Agency alleges "intended to deceive" authorities.

Then there's this guy, Joel Nitikman, of the law firm Fraser Milner Casgrain, now Dentons.

Lawyer Joel Nitikman, who was asked for legal advice on KPMG's proposed offshore tax plan, wrote about the "possibility of avoiding the Divorce Act (Canada) and similar provincial legislation" if clients were to buy into the scheme.

In the finest traditions of the legal profession, Nitikman snarled and spat when approached by CBC.

"I didn't provide anything. I have no idea what you are talking about," Nitikman first told CBC News last year, before the letter became public. He cautioned against reporting any involvement. "If you do that I'm going to sue you because I didn't provide the legal opinion," he said.

NDP MP, Guy Caron, doesn't think too much of KPMG's scheme:

"Here we see that KPMG was advising their clients on how to not only avoid paying taxes but also avoid paying full divorce settlements or alimony," Caron says. "That's pretty despicable."

Apparently CBC still hasn't been sued by Mr. Nitikman. Perhaps the Writ got lost in the mail.


Anonymous said...

Another unlawful lawyer doing what he knows best. Deception being his number one attribute without manners or integrity.

The Mound of Sound said...

I would imagine Mr. Nitikman will be receiving a visit from the Law Society of Upper Canada before long. If this KPMG scam turns into a criminal investigation his problems could become far worse yet.

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