Hogan, Cornell targeted
By SAMANTHA TURNBULL
JOHN CORNELL has made headlines again, but this time they are not related to the sale of his iconic Byron Bay pub, the Beach Hotel.
Cornell and his movie star mate Paul Hogan, formerly of Possum Creek, are again under scrutiny from the Sydney Morning Herald for alleged tax fraud.
The newspaper claims 'explosive' legal documents reveal how the pair had more than $US100 million ($120 million) in film royalties managed on their behalf in offshore tax havens. The documents were reportedly unearthed in an Australian Crime Commission investigation into their tax affairs.
Hogan has dismissed the allegations and said last October: "The tax department's not after me. I haven't heard a word from them."
He said, if anything, the tax department owed him money. "I've paid more than enough tax thank you," he said. Cornell has called the reports 'insulting and incorrect'.
A letter from Cornell's and Hogan's lawyer has been posted on the Sydney Morning Herald's website.
It says the men were unable to properly defend themselves to the public because of provisions in the Australian Crime Commission Act.
The letter also accuses the newspaper of bias and 'disregard for the facts'.
The letter can be viewed in its entirety at www.smh.com.au