Perth businessman pursued for nearly $7 million amid fallout from Modco collapse
A Perth businessman once linked to a high-profile collapsed construction company is being pursued by the tax office for almost $7 million.
Deputy Tax Commissioner Julian Roberts filed a writ in the WA Supreme Court last week against Yusuf Khan, 36, seeking $6.87 million in personal income tax, penalties and interest.
The case concerns tax liabilities allegedly incurred during the income years ending June 30, 2016, through June 30, 2020.
According to the article, $3.78 million of the debt consists of unpaid income taxes and $2.74 million in penalties.
The allegations have not yet been tested in court and Khan has been approached for comment.
The legal action is the latest development in a series of business problems involving Khan and his wife Cynthia Lu, 34, the Perth “flashy couple” behind failed construction company Modco Residential.
The company launched in 2020 promising rapid house builds, but collapsed into voluntary administration three years later amid mounting financial pressure and regulatory scrutiny.
Liquidators later revealed Modco nearly faced $9 million in creditor claims.
Western Australia had a construction regulator previously issued a rare public warning We urge consumers not to enter into construction contracts with the company due to concerns about its behaviour.
Corporate records show Khan is currently listed as a director of WA Industrial Group Pty Ltd, based in the affluent southern suburb of Mount Pleasant.
Lu is also currently listed as a director of a number of companies, while he previously served as a director of several companies whose registrations have since been expunged.
Lu’s name was not included in the letter submitted by the tax office last week.
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Carla Hildebrandt is a journalist at WAtoday. She previously worked as a courts reporter for the ABC’s Four Corners and for The Daily Telegraph in Sydney. For secure communication: carlahildebrandt@proton.me.Connect via email.
