Carmignac facing tax fraud probe

Tax_fraudFrench fund manager Carmignac Gestion is under investigation from the French public prosecutor over alleged money laundering and tax fraud violations.

The investigation, first reported by French newspaper Le Monde, concerns the use of a Luxembourg-based subsidiary to pay certain executives,

The allegations have been refuted by Carmignac stating that “the company absolutely contests both the assessment by the French tax authority and the penal qualification”.

The firm, which has close to €50 billion of assets under management, noted that it has initiated proceedings with the tax authorities and paid an undisclosed amount of money “as a precautionary measure in order to stop the interest accrual”.

Carmignac also stated that “the investigation concerns past deeds and that the risk is now over” and that “the interest of our clients and partners was never at stake”.

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