Disgraced New Zealand businessman Mark Bryers has been sentenced to eight and a half years in jail by an Australia court.

Bryers was one of several people charged following an investigation into a tax fraud following an 18-month operation by the Australian Securities and Investments Commission (ASIC), the Australian Tax Office and the Australian Federal Police.

ASIC said the agencies had broken “a transnational and serious organised criminal syndicate using labour hire and payroll companies associated with the building and construction industry to defraud the Commonwealth [of Australia].”

The value of the fraud was put at $A17 million in 2020.

ASIC alleged Bryers had been providing tax structuring advice to the syndicate.

He was found was found guilty of conspiracy to cause loss and conspiring to deal in the proceeds of crime and was sentenced by the New South Wales Supreme Court to 8.5 years in prison, with a non-parole period of six years, the ABC reported.

Bryers headed the NZX-listed property company, Blue Chip, which collapsed in 2008 owing investors $84m. He was personally bankrupt in 2009 with debts of $230m.

He pleaded guilty to 34 financial reporting charges in 2010 and was fined $37,500, ordered to do 75 hours of community work, and banned from owning or managing a company within New Zealand.

– RNZ/ABC

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