The story was originated by Japanese newspaper Yomiuri Shimbun, which said that the alleged transactions involved land and property taken as collateral for non-performing loans initially held by Japanese banks but later bought by the US fund.
The newspaper quoted an unnamed source as saying that the Japanese taxation authorities will order the fund to pay $48m in fines and penalties.
Morgan Stanley Could Face Tax Fine
Msnbc reports that a US-based real estate fund operated by Morgan Stanley avoided paying tax on $145m in income to Japanese authorities by funneling money through Dutch 'paper' companies.
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