US billionaire Robert Smith to pay N53bn as he's being probed for tax evasion
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US billionaire Robert Smith to pay N53bn as he's being probed for tax evasion

- Robert Smith, the wealthiest black man in the United States, will be paying $140 million as part of the settlement for tax crimes

- The businessman and philanthropist reportedly refused to pay taxes on about $200 million in assets

- Smith was said to have moved the money through offshore accounts tied to the CEO of a software company identified as Robert Brockman

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The wealthiest black man in the United States, Robert Smith, will be ending a four-year investigation for tax crimes by paying $140 million (N53,701,200,000).

The money is being paid as part of the settlement that will ensure that the executive officer of Vista Equity Partners is not prosecuted, Face2Face Africa reports.

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The billionaire was said to have failed to pay taxes on about $200 million in assets that moved through offshore accounts tied to Robert Brockman, CEO of software company Reynolds and Reynolds.

As part of the settlement, the 57-year-old must admit wrongdoing and cooperate with investigations.

Wealthiest Black man in America Robert Smith to pay $140 million over tax probe

Robert Smith will have to pay $140 million if he does not want to be prosecuted for tax crimes. Photo credit: Bloomberg
Source: UGC

The sum of $140 million that Smith will be paying reportedly arose from back taxes, penalties and interest.

According to reports, the $200 million was part of a $1 billion investment from Brockman that originated from a charitable trust in Bermuda.

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Recall that in 2019, Smith promised to help students pay off their loans and he fulfilled his promise by doing exactly that.

With the gesture, more than 400 2019 graduates of Morehouse College who had loan burdens between $35,000 and $40,000, had no more reason to worry.

Americans earning $400k a year could pay more tax if Joe Biden wins US election

Meanwhile, Legit.ng previously reported that the ten richest technology moguls lost $44 billion (N16,764,000,000,000) from their collective wealth on Thursday, September 3, as the United States equities tumbled.

The wealthiest man in the world and co-founder of Amazon Inc, Jeff Bezos, lost the most as $9 billion was erased from his wealth.

Amazon's shares fell the most since June, while Tesla CEO Elon Musk had $8.5 billion erased from his wealth.

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Source: Legit Newspaper

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