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Labor criticises PM’s offshore investments in Cayman Islands ‘vulture fund’

Labor has criticised Malcolm Turnbull’s personal investment in a so-called ‘vulture fund’ held in a Carribean tax haven. 

Shadow Assistant Treasurer Andrew Leigh questioned the appropriateness of the Prime Minister’s offshore investments, including a business registered to the Cayman Islands.

Mr Turnbull says it’s not unusual for superannuation funds to hold some money in tax shelters.

But Labor maintains it shows the PM is out of touch.

‘The decision Malcolm Turnbull has made is one that comes exactly at the time that we are having this debate on tax transparency,’ Mr Leigh told Neil Mitchell.

He accused Mr Turnbull of ‘going down the Mitt Romney’ path.

Neil Mitchell said while it was all above board, it was a ‘bad look.’

He questioned whether Opposition Leader Bill Shorten was on the board of Australian Super when they invested in funds based in the Cayman Islands.

‘There’s a world of difference between putting money into your super fund and leaving the superannuation trustees to manage it as they will,’ Mr Leigh said.

‘And making an active choice to buy into a vulture fund based in the Cayman Islands.’