French authorities on Tuesday searched the Paris offices of five banks, including Societe Generale , BNP Paribas and HSBC , on suspicion of fiscal fraud, part of a broad European probe into the dodging of dividend tax payments.
, on suspicion of fiscal fraud, part of a broad European probe into the dodging of dividend tax payments.
The French prosecutors' actions are the latest to hit global banks over the dividend tax fraud scheme as similar investigations have been conducted inThe PNF financial prosecution office said in a statement the probe was linked to so-called "cum-ex" dividend stripping, a trading scheme whereby banks and investors swiftly trade shares of companies around their dividend payout day.
The PNF, confirming an earlier report in newspaper Le Monde, said Tuesday's searches had also targeted Exane, which is part of BNP Paribas, and Natixis, the investment bank arm of French banking group BPCE. The oldest case being investigated dated back to 2014, and it was not possible to say when the practice had ended.to eight years in jail after he was alleged to have masterminded one of the country's biggest post-war frauds through a dividend-stripping scheme that some estimates said cost German taxpayers around 10 billion euros.
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