September 20, 2021

US bank contracts 25 million euros to solve French tax fraud investigation

Issued:

US banking company JPMorgan Chase has agreed to pay 25 million euros to solve a long-running criminal investigation into allegations that helped a French investment bank commit tax fraud.

The French Financial Prosecutor’s Office alleges that JPMorgan helped Wendell Investment Group executives set up for-profit companies, which helped them avoid paying millions of euros in investment profits in 2007 and 2008.

Under the terms of the settlement agreement, JP Morgan did not plead guilty, and the bank refrained from going to trial.

The bank’s lawyers said they would not oppose the settlement, which ended an almost decade-long inquiry.

The investigation was launched in 2012 when tax authorities discovered a financial instrument called Sulfur, created in 2004, which raised a net 315 million euros for its shareholders for an initial investment of just one million euros. ۔

The benefit was “completely tax-free”, according to a 2015 document by French financial fraud investigators.

The investors included three members of the Wendell Board – including former Madf head Ernest Anton Salier, the Main Employers Union – and 11 top managers, who will face trial early next year.

JP Morgan’s settlement comes just weeks after the bank. Opened its new commercial destination in Paris., Making the city its main European trading center.

The settlement is the ninth. Office of the Financial Prosecutor., Which was established in late 2013.

In 2020, the office raised 1 2.1 billion from Airbus to settle a bribery lawsuit ین 500 million from Google In 2019.

.

Leave a Reply

Your email address will not be published. Required fields are marked *