Adidas, Michelin, Total face French tax fraud probe
The Paris prosecutor plans to open an investigation targeting Michelin, Total and Adidas over suspected tax fraud, a spokeswoman for the prosecutor said on Tuesday March 31.
The planned investigation follows the transmission of case files from the Economy Ministry concerning Liechtenstein.
French budget minister Eric Woerth confirmed the probe was being prepared after the matter emerged around 8-12 months ago.
“We at the budget ministry investigated all the accounts to the greatest extent possible and transmitted three dossiers to the courts,” Woerth said on LCI television.
Earlier, Michelin denied a report in newspaper Le Parisien on Tuesday that said the tyre group had used a Liechtenstein bank to escape tax payments.
“We do not have a bank account in Liechtenstein at LGT,” company spokeswoman Fabienne de Brebison told Reuters, adding the company also did not have a special foundation in the principality.
Total also denied having a special foundation in Liechtenstein for tax evasion purposes.
Adidas declined to comment.
Source: Reuters March 31, 2009
