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Axa executives questioned over PanEuroLife

Founder and supervisory board chairman of Axa insurance company Claude Bebear is being questioned in connection with money laundering allegedly carried out by former subsidiary PanEurolife.

Axa has confirmed Bebear and Axa management board chairman Henri de Castries were both heard as witnesses by the French Brigade Financiere this week on the PanEuroLife matter.

Axa says this procedure is normal in France and is intended to shed light on allegations of PanEuroLife being involved in tax evasion.

PanEuroLife was set up in 1990 by UAP in Luxembourg as a life insurance company. When Axa acquired UAP in 1997 it became a subsidiary until Axa sold it at the end of 1998.

Axa also inherited Banque Worms, which is part of the investigation, from UAP before selling it earlier this year.

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