Chris Minns quits charity set up by millionaire mate as it loses millions

NSW Treasurer Matt Kean says opposition leader Chris Minns has “questions to answer” over his involvement in a charitable trust which lost over a million dollars last financial year.

NSW Treasurer Matt Kean says opposition leader Chris Minns has “questions to answer” over his involvement in a charitable trust which lost over a million dollars last financial year.

“What we know is that complex trust arrangements like this are often used as tax minimisation schemes,” Mr Kean said.

“Now, I’m not saying that’s what this is. But I think Chris Minns needs to explain ... whether or not this was in fact a tax minimisation scheme.”

Tax minimisation schemes are not illegal under Australian law.

The Treasurer also said Mr Minns’ oversight of the losses calls into question his financial capabilities amid “challenging economic times”.

“How is it that you can expect to manage a $770 billion economy when you can’t even manage the finances of a small charity,” he said.

“He was put in charge of this charity, and under his watch it’s amassed over a million dollars worth of losses, and it’s completely bungled.

“So I think the people of New South Wales have serious question marks over whether or not he’s going to completely fumble the management of the state’s finances.”

Chris Minns out and about on Tuesday with Maryanne Stuart, Labor candidate for Heathcote at Engadine Fire Station. Picture: Jeremy Piper

Mr Minns quit last month as a director of the privately-run charity established by two of his wealthy friends on the eve of the election campaign.

The Daily Telegraph can reveal that in April 2021, Mr Minns became the director of the trustee company for Kassa-Miller Giving, a charity set up by the Labor leader’s millionaire mate Damian Kassabgi and his wife.

In the 2021 financial year, the charity received more than $2.1 million worth of shares as a “donation in kind,” according to financial statements lodged with the charities regulator.

Those documents show the donation was made by a director and founder of the charity. The donation would have been immediately tax-deductible.

The shares, understood to be in a tech company, increased in value by more than $455,000 by 30 June 2021.

But a copy of the charity’s 2022 financial statement, seen by the Telegraph, revealed that in 2021-22 the charity suffered a whopping $1.1 million markdown in the value of its shares amid tough market conditions. It also incurred a $716,000 capital loss.

In 2021-22, the charity received $650,000 in donations but only gave out $130,000 in grants.

Chris Minns served as a director for Kassa-Miller Giving from April 2021, but quit in February this year.

Husband and wife Courtney Miller & Damian Kassabgi.

In a statement to the Telegraph, Mr Minns said the money went to the Northern Rivers Community Foundation to support in need women and girls in the region, the Byron Bay Community Centre to help flood victims, Bay FM Radio (during the Northern Rivers floods), the Australian Cultural Fund, Exodus Youth Foundation, Groundswell (a climate change charity), 10x10 Philanthropy, HerSpace, (a women’s recovery centre), and the Australian Chamber Orchestra.

He said the charity was established by Mr Kassabgi and his wife “so they could donate some of their wealth, earned through their own hard work, to other registered charities”.

“The Kassabgi family were looking for a third volunteer member of the board which I was happy to accept. The role was voluntary, and at no time did I receive any remuneration for the role,” he said.

Mr Minns said he quit in the lead up to the “extremely busy election period”.

“As the campaign has accelerated, I simply no longer have the time to help contribute to the important work of this charity,” he said.

Mr Kassabgi, a former Labor adviser who went on to work for Afterpay, reportedly made $7m in 2021 when he cashed out some share options in the payment company.

The Telegraph contacted Mr Kassabgi for comment.