Investec makes penalties provision in German tax fraud probe
No formal proceedings have been issued against it, but bank cannot rule out possibility of civil claims
24 June 2024 - 05:00
Specialist bank and wealth manager Investec has made provision for possible penalties in Germany over tax fraud allegations as a multiyear probe into the saga advances.
In its latest results, the company said that since issuing its 2022 annual report, the German Federal Tax Office (FTO) in Bonn had provided more information regarding its claims, and Investec Bank had sought “further information and clarification”...
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