Logo

Mogul Haim Saban Sued by Own Lawyer for $36 Million Frozen in a Bank

Jul 21, 2009  •  Post A Comment

This one’s a little complicated, so bear with us as we explain it. It’s from a piece Joe Flint has on his LA Times Company Town blog.

As explained in the blog entry, back in 2001, Haim Saban and News Corp., co-owners of the Family Channel, sold it for $5.2 billion to The Walt Disney Co. Saban realized a capital gain of $1.5 billion on the sale, and hired tax attorney Matthew Krane to "minimize his pain," the blog says. Krane in turned contacted a Seattle-based investment firm called the Quellos Group to see what they could do.

The blog says they had a tax shelter plan "which manged to turn Saban’s gain into a loss until the the government jumped in and charged Quellos Group with tax fraud."

Krane received a commission of $36 million from Quellos, the blog says, which was put in an Austrian bank.

Saban, who paid the IRS $250 million to settle charges of tax evasion, then laid claim to the $36 million, which essentially froze it in the bank.

This is the money that Krane filed suit in Los Angeles County Superior Court to get, the blog says.

—Chuck Ross

2 Comments

  1. Forex Market is Draconic. According to statistics, only 10% of Traders on Forex market are winner. Therefore, you must first have a knowledge and experience long time in this area. You should begin with demo account. After about 1 year, you can open real account in any Forex company, for example. FxPro, FXCM, and start trading. The more important that you overcome yourself.

  2. That is bloody ordinary isn’t it?

Your Comment

Email (will not be published)