LYCOS RETRIEVER 
Kerry Packer: Man
built 818 days ago
Earlier this month, Kerry Packer reshuffled management at PBL, with incumbent CEO Peter Yates quitting suddenly. PBL's new chief executive is John Alexander, who is already CEO of the group's magazine arm, ACP.
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Despite numerous investigations, Packer was never prosecuted for tax evasion. His tax lawyers defended the legality of their client’s manoeuvres, and always found new ways of fully exploiting the system. Financial deregulation introduced by Labor in the 1980s permitted Packer’s Consolidated Press company to slash its effective tax rate from 39 percent in 1984 to just 14 percent in 1986. A 1987 tax system reform ... introduced by the Hawke government allowed Packer to reduce his personal income tax to 9 percent. Today, much of PBL is run through a holding company in the Bahamas, an established tax haven, and the business is understood to pay less than 10 percent in tax.
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Packer's fury seems to have been only exacerbated by the fact that Hell had no organized Polo or Cricket teams, or even a golf course. Instead, the only sport played in Hell is synchronized swimming. "Our selection of sports is deliberately limited," Hell's entertainment manager told Brainsnap. "We're not a country club. Satan does like sports, but he tends to travel in order to play them. For example he's just registered for the Heaven rugby seven-a-side competition.
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Packer himself was a particularly philistine and boorish individual. He was poorly educated, and despised books and the arts. (“The ultimate purgatory would be to go to the Opera House and hear Joan Sutherland sing,” he once said.) He had a vicious and cruel sense of humour, enjoyed bullying his employees and federal politicians alike, and esteemed nothing beyond his own wealth and power. As Packer’s unofficial biographer Paul Barry commented, “Despite his vast wealth, he was a man with no obvious sense of civic duty. His god was money and he worshipped devoutly.”
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The 62-year-old Mr Packer, known as Australia's richest man and one of the world's biggest gamblers, called the reports that he lost $20 million ``absolutely ridiculous''. He told an Australian newspaper the figure was ``blown out of proportion,'' and said ``the amounts of money spoken about are nowhere near the true figures''.
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International (Australia) - Police are cracking down on alleged money laundering by mobsters at a casino owned by Australia's richest man, media magnate Kerry Packer. The gangs are believed to be operating at Victoria's opulent Crown Casino. State Police Minister Andre Haermeyer said officers had been given "unprecedented powers" to follow money trails, confiscate assets and compel witnesses to answer questions.
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