FAP Opened Legs to Oz Fxxxker
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Young Australian billionaire relocates to Singapore[/h]
June 11th, 2012 |
Author:
Editorial
Australian youngest billionaire, Nathan Tinkler, 36, has moved his family and primary residence to Singapore.
Tinkler was an electrician in a coal mine before starting his own business. His big break came in 2006 when he borrowed $500,000 to buy a mine in Queensland state. He sold his company to Macarthur Coal for $465 million in cash and shares a year later.
He then reaped a profit of about $445 million selling his stake in Macarthur Coal to the world’s largest steelmaker, ArcelorMittal, and in August 2010 bought the Maules Creek mine from Rio Tinto Group for $480 million. That formed the basis of his listed vehicle, Aston Resources Ltd. It was then sold off to Whitehaven Coal Ltd last December for $2.6 billion in stock. He is currently the richest Australian under 40 years old.
Tinkler’s spokesman said his move to Singapore will bring him closer to his customers, financiers and investors in Asia. Said the spokesman, “He feels the need to be closer to them.”
Not too long ago, Eduardo Saverin, the co-founder of Facebook renounced his U.S. citizenship ahead of the company’s IPO last month with the same reason of wanting to stay close to Asian markets. The move will save Saverin at least $67 million in U.S. capital gains taxes, according to analysts.
Singapore doesn’t tax on capital gains from asset sales and its top income tax rate is only 20%. In contrast, capital gains are taxed as part of income in Australia and the top income tax rate there is 45%.
When Tinkler was contacted by a journalist for a story in 2010, he is reported to have responded,
“You’re a f**king deadbeat, people like me don’t bother with f**king you. You climb out of your bed every morning for your pathetic hundred grand a year, good luck.”
His property portfolio includes a host of beachfront homes around Newcastle, Australia, including the mansion once owned by former rugby league star Andrew Johns, bought for $4.3 million. There are other huge homes and a fleet of luxury cars.
His first love is said to be horse racing. It was reported that he had spent close to $200 million for horse farms, training centres and horses of the bluest blood.
It was reported that in one of the disputes involving horse racing, one of the horse owners, a respected Melbourne businessman in his 60s, asked to speak to Tinkler in private. Tinkler refused, instead
shouting at the businessman to ”f**k off”. When the man asked again, Tinkler hurled abuse before hurrying from the scene in public.
It remains to be seen how this young Australian billionaire is going to successfully integrate into Singapore’s society.
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