Panama Papers: Aus PM Turnbull denies wrongdoing

Australian Prime Minister Malcolm Turnbull whose name figured in the 'Panama Papers' as a former director of a company incorporated by tax haven law firm Mossack Fonseca today denied any wrongdoing.

Turnbull's name emerged in the Panama Papers as a former director of Star Technology Services Limited, a company incorporated by Mossack Fonseca.

"There is nothing new there. The company concerned was a wholly owned subsidiary of a publicly listed Australian company," the prime minister said, according to media reports.
"The involvement is very, very well known," he said.

A company register document showed he was the former director of the company in 1990s and also listed Turnbull's business partner, former NSW premier Neville Wran.

Both men resigned their directorship of Star Technology in September 1995.

"The company of which Neville Wran and I were directors was an Australian listed company and had it made any profits — which it did not regrettably — it certainly would have paid tax in Australia, but obviously you haven't studied the accounts of the company concerned," Turnbull said.