Romney’s Hedge Fund Diverted Over $100 Million Through Netherlands Loophole

According HedgeCo.Net – Dutch newspaper Volksrant reports that Bain Capital, in which Republican presidential candidate Mitt Romney is a major shareholder and founder, has routed some 80 million euros ($102 million) in dividends through a tax loophole in the Netherlands via an investment in Irish pharmaceutical company Warner Chilcott.

Bain is a link in Romney’s extensive international web of trusts and holding companies. The paper reports that although Romney officially left Bain in 1999, part of his severance package included the right to remain a shareholder and continue making investments. In 2004, he and his wife Ann Romney invested over a million (according to his tax returns) in Bain Capital Fund VIII, a Cayman Islands-based fund worth around $25.7 million. The hedge fund is a major shareholder at Warner Chilcott.

On March 10, 2011 Romney donated 19,799 shares of Warner Chilcott (with a market value of approximately $450,000) to a non-profit association run by his son, Tyler Romney. The Dutch paper also says that according to Romney’s tax returns, he and his wife in 2010-2011 received more than two million dollars in dividends and held $5.5 million worth of shares in the hedge fund….

Wait, wait...there's more at http://www.hedgeco.net/news/11/2012/romneys-hedge-fund-diverted-over-100-million-through-the-netherlands.html