A BUSINESSMAN was released on $5 million bail today after appearing in court on charges that he laundered $30 million in an international stock scheme.
Sydney man Michael Milne, 52, appeared in Central Local Court after officers from the Australian Federal Police and the Australian Tax Office raided his home and his office in the CBD yesterday.
Crown barrister Dean Jordan described a "complex" scheme that Mr Milne allegedly used to illegally transfer the $30 million to Australia.
Mr Jordan told the court Mr Milne used a company to sell shares that were purposely undervalued "to create a falsely low tax position".
He also said Mr Milne used another company to move the shares to the Netherlands and then "wandered" them "back to Australia".
Mr Milne, of Neutral Bay, was released on bail on condition of entering into a $5 million bond agreement and surrendering his passports.
He will reappear in Downing Centre Local Court on March 18.
http://www.theaustralian.news.com.au/story/0,25197,23296269-12377,00.html
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