while the economy was melting down and U.S. banks were going broke, Koch Industries was moving corporate money out of the country and into the Luxembourg jurisdiction in order to dodge taxes and move nearly $1 billion around a Byzantine maze in order to ultimately cancel the debt and not impact balance sheets
Public documents available on the Luxembourg government website, Legilux.lu, reveal that Koch operates a complex system of offshore companies and accounts in order to avoid paying US taxes on huge sums of corporate profits. Out of his Kansas office, Global Tax Director for Koch Industries, Craig M. Munson, manages these offshore corporations with the assistance of a shady Luxembourg company, ATOZ s.a., whose partners are primarily former Arthur Anderson staffers – the tax advisory giant that ceased to exist as a result of their felony conviction in the Enron “off-shore and off-balance sheet” debt scandal of 2002.
while the economy was melting down and U.S. banks were going broke, Koch Industries was moving corporate money out of the country and into the Luxembourg jurisdiction in order to dodge taxes and move nearly $1 billion around a Byzantine maze in order to ultimately cancel the debt and not impact balance sheets
I'm not sure to what extent this was really news, though, since an earlier (2009) report at http://ecobserver.blogspot.co.uk/2009/10/koch-industries-fai... states that
Public documents available on the Luxembourg government website, Legilux.lu, reveal that Koch operates a complex system of offshore companies and accounts in order to avoid paying US taxes on huge sums of corporate profits. Out of his Kansas office, Global Tax Director for Koch Industries, Craig M. Munson, manages these offshore corporations with the assistance of a shady Luxembourg company, ATOZ s.a., whose partners are primarily former Arthur Anderson staffers – the tax advisory giant that ceased to exist as a result of their felony conviction in the Enron “off-shore and off-balance sheet” debt scandal of 2002.