Listed Raptis Group paid $312k by long-dormant Raptis company as assets of Jim Raptis to stay frozen until 2022 in tax probe

The ASX-listed Raptis Group has announced a mysterious $312,000 payment from a resuscitated subsidiary as more than $80m in assets linked to developer Jim Raptis remain frozen into 2022. DETAILS HERE

Jim Raptis tries to avoid the cameras at a creditors meeting in 2009.

THE ASX-listed Raptis Group has announced a mysterious $312,000 payment from a resuscitated subsidiary as more than $80m in assets linked to developer Jim Raptis remain frozen into 2022.

The frozen assets, also linked to his wife Helen and son Evan, include the veteran developer’s $20m Paradise Waters mansion and a Lexus LS500 sedan.

A case management hearing scheduled for Thursday was instead adjourned until February 23 as the tax office chases almost $110m in alleged unpaid tax and penalties. The Federal Court has frozen the assets at the behest of the ATO.

The adjournment came after ASX-listed Raptis Group released an intriguing statement in the lead up to its AGM next Thursday.

The group revealed a subsidiary, which is directed by Mr Raptis and had been dormant for a decade, had been resuscitated and handed over $312,000 it owed to the listed Raptis company.

Shareholders were given no details of why the dormant company was reinstated, why it owed the money, and how it was repaid.

Mr Raptis has maintained the listed Raptis Group is unrelated to the “private family business interests” under the tax cloud.

In a brief statement to the ASX, Raptis Group said it was “pleased to announce” it had recovered $311,835 it was owed, however it provided little explanation of how and when the debt was incurred.

“This receipt rises from funds owing to a former subsidiary and was referred to as a contingent asset in note 21 to the 2021 annual report”, the statement said.

Shareholders checking that financial note find no explanation of the circumstances under which the company, Mirage Services, had been reinstated, why it owed $312,000 to the listed Raptis Group, or how it was able to make the payment after 10 years of inacitivity.

Raptis Group chairman Jim Raptis is sole director and secretary of Mirage Services, which was in receivership from 2009-2011 and has not been active since.

The Raptis property in Paradise Waters. Pics Adam Head

In a statement via a public relations representative, Mr Raptis did not answer questions on when and why Mirage Services became a debtor of Raptis Group or how it was able to repay the debt.

“Mirage Services was reregistered to claim funds that belong to Raptis Group Limited,” the statement said.

In its annual report, Raptis Group said Mirage had been “re-instated” on July 7. “The outcome of the recovery is likely and is expected to be finalised in the 2022 financial year”, the report said.

The Gold Coast Bulletin is not suggesting that the dealings with Mirage Services had anything to do with the tax avoidance allegations made by the ATO.

Mr Raptis’ family members are not accused of wrongdoing, criminal or otherwise.

A statement from the public relations representative said Raptis was “in productive discussions with the ATO and Thursday’s adjournment was mutually agreed upon”.

“Under the existing order, Raptis is permitted to undertake business as usual - developing, building and selling projects,” the statement said.

Court documents said ATO investigations had revealed apparent “tax avoidance arrangements” by Mr Raptis.

“Mr Raptis and entities with which he is associated have a long history of failing to file tax returns and pay tax debts,” the ATO alleges in documents.

According to the court filing, the ATO alleges Mr Raptis has a long-time association with criminal accountant Vanda Gould, who was convicted for providing offshore tax avoidance services for Australian taxpayers.

DECEMBER 17, 2004: Jim Raptis launches his Southport central development, on the site of the old Southport State School. Jim Raptis with wife Helen and son Evan. Photo: Jono Searle

The ASX-listed Raptis Group, which is not subject to the court orders, last traded at 3.3c.

Mr Raptis last month said he was in “productive discussions” with the tax office.

Past Raptis projects include Southport Central, Hilton Surfers Paradise, Towers of Chevron Renaissance and Bundall’s Corporate Centre, among many others.

Raptis Group is scheduled to hold its annual general meeting next Thursday.

Court documents said ATO investigations had revealed apparent “tax avoidance arrangements” by Mr Raptis, members of his immediate family and companies.

“Mr Raptis and entities with which he is associated have a long history of failing to file tax returns and pay tax debts,” the ATO alleges in documents.

According to the court filing, the ATO alleges Mr Raptis has a long-time association with criminal accountant Vanda Gould, who was convicted for providing offshore tax avoidance services for Australian taxpayers.

The ASX-listed Raptis Group, which is not subject to the court orders, last traded at 3.3c.

Past Raptis projects include Southport Central, Hilton Surfers Paradise, Towers of Chevron Renaissance and Bundall’s Corporate Centre, among many others.

Raptis Group is scheduled to hold its annual general meeting next Thursday.

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