Chinese conglomerate HNA, under scrutiny at home and abroad over a debt-fuelled acquisition spree, gave partially untrue or incomplete information during the takeover of Swiss airline catering firm Gategroup last year, the Swiss Takeover Board said.
In a statement late on Friday, the regulator said the aviation and shipping group had failed to disclose that company executives held controlling stakes in the conglomerate and also gave incorrect shareholdings for the top two stakeholders – Bharat Bhise and Guan Jun – in the Gategroup offer prospectus.
A former associate director UBS Hong Kong was today sentenced to three-and-a-half years’ imprisonment at the District Court for accepting bribes of about HK$1.46 million for managing the investment portfolio of a client with the bank. Tu Bing, 40, was earlier found guilty of bribery.
HSBC Private Bank, a Swiss unit of banking giant HSBC, has agreed to pay €300 million to avoid going to trial in France for enabling tax fraud, prosecutors said on Tuesday. HSBC was accused last year of helping French clients to hide at least €1.67 billion from the tax authorities, according to a source close to the probe.
In the wake of the leak of the “Paradise Papers”, two human rights experts from the United Nations are urging Caribbean and other states to take action against corporate tax fraud. The Paradise Papers are a set of confidential documents related to offshore investment.
A Swiss man was handed a suspended prison term of nearly two years and a fine on Thursday for spying on a German tax authority, in a case that has pitted Swiss bank secrecy against Germany’s clampdown on tax evasion.
The man had confessed to the Frankfurt state court that he accepted 28,000 euros ($33,000) from Switzerland’s NDB spy agency to obtain information on tax officials in the German state of North Rhine-Westphalia.
The Paradise Papers have revealed that the prestigious British universities have committed significant sums to a hedge fund scheme related to investments in fossil fuels. The revelations are likely to increase pressure on both institutions over their investment policies. The universities of Oxford and Cambridge invested millions of pounds in offshore funds, according to revelations contained in the Paradise Papers.
European Union states will on Tuesday bring forward a discussion on plans for a tax havens’ blacklists after newly leaked documents revealed investments by wealthy individuals and institutions around the globe, officials said.
The subject’s inclusion on the monthly meeting’s agenda of EU finance ministers came after weekend media reports citing the "Paradise Papers", a trove of financial documents leaked mostly from Appleby, a prominent offshore law firm. EU finance ministers meeting for regular talks in Brussels will discuss tax avoidance on Tuesday after a trove of leaked documents exposed the great lengths to which the global elite will go to avert paying a fair tax.
Glencore, the FTSE 100 mining giant, is facing fresh questions about the way it conducts its business following a massive data leak called the ‘Paradise Papers’.
More than 120,000 people and companies have been named in 13.4 million files, many of them leaked from offshore law firm Appleby. The documents have been reviewed by the German newspaper Süddeutsche Zeitung and the International Consortium of Investigative Journalists (ICIJ).
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