The former and current chiefs of the French insurance giant, AXA, which has been embroiled in controversy over tax evasion allegations, have been released on bail. Claude Bebear and Henri de Castries, (past and present heads respectively), were freed on bail of FFr2 million (approximately USD$263,740) each on Wednesday of last week.
The men have not been accused of seeking personal gain, but have been drawn into the investigation because of a somewhat tenuous connection with Luxembourg's PanEuroLife. In the 1990s, AXA acquired UAP, the parent of the Luxembourg company, before selling it on. However, when PanEuroLife was accused of 'theft, fraud and aggravated money-laundering', M. de Castries and M. Bebear were drawn into the investigation, along with Jean Peyrelevade, the chairman of Credit Lyonnais, and former UAP head.
Many believe that the turn the investigation has taken, and the fact that several public figures have become involved in the investigation when their connection with any wrongdoing was remote in the extreme, demonstrates that the French justice system is running out of control. 'It's just the way they do it,' said one senior executive at Credit Lyonnais, 'even if the case goes back 10 years and even if it involves the subsidiary of a subsidiary.'
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment