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HSBC HOLDINGS Agrees to Pay US$300M+ to French Treasury to Settle Div. Tax Fraud Investigation
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HSBC HOLDINGS (00005.HK) agreed to pay EUR267.5 million (US$312.3 million) to the French Treasury to settle an investigation into alleged dividend tax payment fraud, the French financial prosecutor's office said. The settlement agreement has been approved by a Paris court yesterday (8th), and does not constitute an admission of guilt. French authorities launched an investigation into the bank's conduct between 2014 and 2019 as part of a probe into dividend tax fraud involving multiple domestic banks. The investigation focused on dividend arbitrage transactions, which French authorities claim may constitute tax fraud. Similar investigations have been conducted in Germany and other European countries. AASTOCKS Financial News Website: www.aastocks.com |
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