Wednesday, October 28, 2020

Investment firm Carmignac Gestion pays 30 million euros fine to settle tax probe


French investment firm Carmignac Gestion said it had agreed to pay a 30 million euros ($34.15 million) fine as part of a settlement to end a tax fraud probe led by the country’s financial prosecutor.

A source close to the matter had told Reuters in November that Carmignac Gestion was under investigation by French financial prosecutors for tax fraud and money laundering. Back then, Carmignac Gestion had denied any wrongdoing.

The prosecutors were investigating into technicalities over transactions carried out before 2014, Carmignac said in a statement.

Read MoreU.S. Censures UBS Over Its Anti-Money Laundering Systems

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Earlier this year, company founder Edouard Carmignac handed over full control of his company’s flagship Carmignac Patrimoine fund to two colleagues.

Edouard Carmignac has become one of the most well-known French financiers. His public relations moves have included a private Rolling Stones concert for clients, although rocky markets have impacted the performance of some of his funds.

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