French fund manager Carmignac is to pay a €30 million public interest fine to settle a tax evasion case opened against the company by France’s Financial Public Prosecution Office (Parquet Nacional Financier) in 2017.
The signing of the agreement puts an end to the preliminary investigation into the allegations against Carmignac, according to the firm.
“The complaint was based on facts that ended in 2014 and was part of a technical tax debate relating to the qualification of intra group dividends, the participation-exemption regime being challenged by the tax administration,” Carmignac stated.
“At no time were the interests of clients and partners questioned,” the firm said.
Under the terms of the agreement, Carmignac acknowledges the underlying facts but has not pleaded guilty.
Unless the firm withdraws in the ten days after signing the agreement, it will become final, it has been reported.
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