Outburst!
Australia's super-Chinese wealthy family
More than 200 million assets were frozen by the ATO!
As the countdown to 2023 begins, the Australian Taxation Office still does not turn on the "holiday mode", but intensifies its "performance" at the end of the year.
According to a report by The Australian today, the Federal Court of Australia has agreed to authorize a freezing order to the Inland Revenue Office (ATO) for four family members of the famous Chinese Wu family, with frozen assets exceeding 200 million Australian dollars.
The Federal Court held a hearing on Wednesday to delineate the assets of four members of the Wu family in Australia, including Alex Wu, Jina Chen, Michael Wu and Jack Wu, "whether or not they are in their name, or held alone or jointly."
In the freezing order, it was stated that none of the four family members mentioned above "shall dispose, deal with or reduce the value of any assets in Australia" "except to pay taxes to the Inland Revenue Department, the unencumbered value of which does not exceed $206,881,641.68".
In other words, the Wu family will have more than 200 million Australian dollars of assets frozen under the freezing order of the federal court.
When it comes to the Wu family's Jina Chen and Alex Wu, the founders of Nature's Care, a well-known health care brand in Australia's major supermarket pharmacies, ranked 195th on this year's list of Australia's richest people, with a wealth valuation of 658 million Australian dollars.
Their sons, Michael Wu and Jack Wu, also previously owned Nature's Care, but they sold most of their stake to get $758 million to invest in the esports industry, acquiring an esports platform called Hive Gaming.
The list of freezing orders includes the Wu family's properties in Killara and Hornsby, NSW, as well as their bank account numbers with Commonwealth Bank, Westpac Bank and ANZ Bank, as well as bank accounts of companies such as Nature's Care Holdings, AJMJ Global Investments and Vital Global Investments.
However, the family's Ingleside mansion and other assets were not included in the enforcement list.
Moreover, the freezing order stipulates that if the rules are not complied with or the court decision is not implemented within the prescribed time, all four members of the family will face "imprisonment, seizure of property or other punishment." ”
In addition to the freezing order, each family member can still receive up to $5,000 per week for living expenses and up to $50,000 for reasonable legal fees.
The Federal Court also said the freezing order could "no longer take effect" as long as the four family members agreed in writing to transfer $206,881,641.68 to the court's account, or to a joint account created by their lawyers and ATO lawyers.
As one of the leading brands in the Australian health supplement industry, Nature's Care is the third largest health supplement company in Australia and also produces a wide range of skincare products, after Swisse and Blackmores. There are even well-known product brands such as Healthy Care.
Nature's Care co-founders Alex Wu and Jina Chen migrated to Australia from Taiwan. More than 30 years ago, he came to Sydney, Australia to start from scratch and founded the Nature's Care brand, with the advent of the "purchasing agent" outlet, in the past 10 years, it has been all the way to "open" the Wu family among the top wealthy people in Australia, and it is also a business leader of the Australian Chinese.