Close×

Nudie Juice's founding family, the Binetters, will have to repay $125 million to the Australian Taxation Office following the wrap-up of a long-running offshore tax evasion inquiry.

According to a Federal Court ruling on Friday, the family members stashed millions of dollars of undeclared money in Swiss and Israeli accounts, and paid an Israeli lawyer to destroy documents relating to their accounts.

The $125m includes tax, penalties, interest and liquidation costs.

Michael and Andrew Binetter were also found to have breached their duties as directors.

About $50m from last year's sale of Nudie by Philippine company Monde Nissin has been frozen, and the Binetters may have access to this money, depending on the outcome of a separate lawsuit.

Packaging News

Following the voluntary administration of Recycling Plastics Australia and confirmation that no Commonwealth packaging scheme will be introduced this term, voices from across the packaging and recycling value chain have delivered a blunt assessment of what is at stake.

Pact Group CEO and managing director Sanjay Dayal has advised the board that he intends to leave the company, with an executive search now under way for his successor.

With a Commonwealth packaging scheme ruled out this term, pressure is building ahead of the 18 September Environment Ministers Meeting, as industry, recyclers and environmental groups demand clarity on what meaningful national reform can still be delivered – and when.