A formal probe has been launched against JPMorgan Chase by French prosecutors for its alleged role into tax evasion involving French investment firm Wendel Investissement.
A series of transactions made by Wendel from 2004 to 2007 have been put under investigation by French criminal authorities for the past three years.
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The transactions, which were funded by a Paris branch of JPMorgan, were made as managers of Wendel restructured their ownership
It is alleged that some of the company’s executives may have used the transactions to sell a portion of their firm and dodge taxes on the gains. French authorities have already searched the home of the firm’s chairman and the firm headquarters in 2012.
Last month, JPMorgan was notified that it would face a probe over its role in the transactions.
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By GlobalData
