Updated: TPG’s Australia head moves to Singapore

The move comes after Ashish Shastry left his position as a Singapore-based partner with TPG to join Indonesia's Northstar Pacific. This was part of the cross-investment deal whereby the Indonesian firm took a less than 0.5% interest in TPG and the US firm gained 10-20% of Northstar.

The Australian Tax Office (ATO) recently saw its attempt to serve legal documents to Gray - as representative of TPG Australia - overturned by an Australian Federal Court. The case relates to efforts to settle an A$739 million ($784 million) tax bill arising from the private equity firm's Myer exit in 2009.

The ATO sought a winding up of two companies - Luxembourg-based NB Queen SARL and its Cayman Islands parent TPG Newbridge Myer - that formed part of the structure through which profits from the sale of TPG's 81% holding in Myer was transferred to offshore investors. Judge John Middleton ruled that documents could only be served to Gray if the two companies conducted business in Australia. He said the ATO had presented no evidence to suggest that NB Queen and TPG Newbridge Myer met this test.

According to an affidavit lodged with the court, Gray had earlier answered a string of questions from the ATO regarding his activities. Gray described as TPG Australia's role as an "investment banking adviser" to Newbridge Capital and TPG. He further said that he had no recollection of being involved in the creation of any relevant offshore entities, adding that TPG Australia had not provided advice on tax matters.

TPG maintains that that it met all of its local tax obligations regarding Myer and other investments.

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• Topics
• Australasia
• Southeast Asia
• Regulation
• GPs
• TPG Capital
• CHAMP Private Equity