| Australia's Future Fund has money invested in funds based in a notorious tax haven. Future Fund Management Agency managing director David Neal told a Senate estimates hearing on Tuesday the fund - which stood at $117.8 billion at the end of September - had money invested in funds that used the Cayman Islands.
"We've got a number of vehicles in the Cayman Islands and I think it would be standard practice," Mr Neal said. Finance Minister Mathias Cormann said the Future Fund did not pay any tax so it would be wrong to suggest the Caymans were being used to minimise tax. "It's related to their overall risk management strategy not seeking a particular tax outcome," the minister told the hearing...............................................Full Article: Source
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