Carmignac Gestion investigated for tax fraud

Payments made to executives via Luxembourg subsidiary

Carmignac Gestion is under investigation from French financial prosecutors over allegations of tax fraud and money laundering.

According to French newspaper Le Monde, the asset manager created by Edouard Carmignac (pictured) and Eric Helderlé nearly 30 years ago is being investigated for payments made to its executives through its Luxembourg-based subsidiary. The tax authorities are challenging the reasoning behind the firm's decision to pay these employees through dividends instead of a salary and to do so in a country with a favourable tax regime, which meant they were eligible for lower overall taxes. Carmignac, which has $57bn in assets under management, has denied the allegations in a statement, adding t...