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Forums › Finance and wealth management › How can someone get themselves into this situation (IRD)
networkn

Networkn
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#147367 17-Jun-2014 13:43
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http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11275741

He owes $367 MILLION Dollars to them. How was it, that they gave him a "line of credit" equal to that. Surely at 100M it would have been major alarm bells. 

Insanity.

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Inphinity
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  #1067460 17-Jun-2014 13:54
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Russell's original tax bill was around $5m, but penalties and compound interest over 25 years inflated it to $138m at the time of his High Court case, and in excess of $177m when he went to the Court of Appeal.


That's how.

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