INVESTIGATION US probe into Lowy's offshore banking July 17, 2008 AAP
A US Senate probe into the use of off-shore tax havens will examine the banking strategies used by Australia's second richest man Frank Lowy and his sons.
The US Senate Committee is investigating the use by banks in Liechtenstein and Switzerland, and a report to be issued at a hearing in Washington on Wednesday notes the Lowys have "multiple Lichtenstein-related entities and transactions".
Peter Lowy, who heads the US offshoot of his father's global shopping mall chain Westfield, was called to give evidence on Wednesday but a spokesman has told News Ltd he is unable to attend due to a long-standing business engagement.
He would be happy to give evidence before the committee at a future date, the spokesman said.
A lawyer has also released a statement saying "the Lowy family has done nothing improper".
The report does not suggest the Lowys have evaded any US tax but it details the activities of the Lowy family's use of a Lichtenstein financial institution, the LGT Bank.
The details appear to have emerged after a former employee of a Liechtenstein trust company provided tax authorities around the world with data on about 1400 people with accounts at the LGT Bank.
US law requires American residents to disclose any interest in a foreign trust.
Frank Lowy, a former Reserve Bank board director, is ranked by the BRW Rich List as being worth $6.3 billion is the major shareholder of Westfield.
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