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Fund manager Carmignac probed over tax fraud

Tax-Taxation-Blocks-700.jpgFinancial prosecutors are investigating investment giant Carmignac Gestion over potential tax fraud and money laundering, according to reports.

A source close to the matter tells Reuters that the French asset manager with around €50bn (£43bn) in assets under management has faced a probe from authorities in France.

In a statement provided to Reuters, Carmignac said that while it did pay an unspecified amount to tax authorities, it denies any wrongdoing.

A lawyer representing Carmignac is also referenced by the news agency as saying that the issue centered on how dividends were paid to certain executives and not how clients’ affairs were handled.

Carmignac says: “It is important to note that this issue concerns past deeds and that the risk is now over.

“The interest of our clients and partners was never at stake: the disagreement with the tax administration exclusively concerns the company and in no way our funds.”

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Case study: administration — implementing a management log

Our client is a leading video game and publishing company best known for its console role-playing game franchises. The client provides a number of benefits, at varying levels and cost that attract a P11d liability. With the absence of a management log to track data for benefit movements, enormous administrative and therefore cost implications were occurring each year just to comply with P11d reporting requirements.

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