List of raided banks
HSBC, BNP Paribas, Exane — a subsidiary of BNP — Societe Generale, and Natixis.
Fraud & Name Exposed
The regional court found that the 72-year-old [Hanno Berger, a lawyer] — believed to be the original mastermind of the scheme
In addition to the jail time, the court ordered 13.7 million euros ($14.8 million) of personal revenues from the scheme to be confiscated from Berger’s accounts.
“The fraud involves a foreign shareholder in a company listed in France temporarily transferring the shares he owns to a French banking institution, around the date the dividend is paid out,” the PNF said.
The aim is “to avoid paying the tax applicable to the payment of this dividend,” it added.
Banks are suspected of acting as intermediaries in the practice and even charging a commission to the investors taking part.
https://insiderpaper.com/authorities-raid-five-french-banks-in-tax-fraud-case-prosecutors/
List of raided banks
HSBC, BNP Paribas, Exane — a subsidiary of BNP — Societe Generale, and Natixis.
Fraud Exposed
The regional court found that the 72-year-old [Hanno Berger, a lawyer] — believed to be the original mastermind of the scheme
In addition to the jail time, the court ordered 13.7 million euros ($14.8 million) of personal revenues from the scheme to be confiscated from Berger’s accounts.
“The fraud involves a foreign shareholder in a company listed in France temporarily transferring the shares he owns to a French banking institution, around the date the dividend is paid out,” the PNF said.
The aim is “to avoid paying the tax applicable to the payment of this dividend,” it added.
Banks are suspected of acting as intermediaries in the practice and even charging a commission to the investors taking part.
https://insiderpaper.com/authorities-raid-five-french-banks-in-tax-fraud-case-prosecutors/
List of raided banks
HSBC, BNP Paribas, Exane — a subsidiary of BNP — Societe Generale, and Natixis.
Fraud Exposed
The regional court found that the 72-year-old — believed to be the original mastermind of the scheme
“The fraud involves a foreign shareholder in a company listed in France temporarily transferring the shares he owns to a French banking institution, around the date the dividend is paid out,” the PNF said.
The aim is “to avoid paying the tax applicable to the payment of this dividend,” it added.
Banks are suspected of acting as intermediaries in the practice and even charging a commission to the investors taking part.
https://insiderpaper.com/authorities-raid-five-french-banks-in-tax-fraud-case-prosecutors/