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UK probes boss of fintech firm Wise over unpaid tax

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  The head of UK fintech group Wise is facing a regulatory investigation over unpaid taxes the company said on Monday In September the tax authorities placed Kristo Kaarmann CEO and co founder of the money transfer specialist on a list of individuals and companies that receive sanctions for deliberate non compliance with respect to their tax affairs Wise revealed in a statement The Financial Conduct Authority watchdog has begun an investigation into the regulatory obligations and standards to which it is subject the company added Kaarmann intends to cooperate fully with the FCA in its investigation he said The company conducted its own investigation last year and shared the findings with the FCA which declined to comment on Monday s news The British tax authority HM Revenue and Customs fined Kaarmann nearly 366 000 449 225 about half the amount owed in annual taxes four years ago The company s share price fell 1 6 percent to settle at 3 75 in afternoon London trading This is less than half its launch price on the stock market nearly a year ago when the group was valued at 8bn
UK probes boss of fintech firm Wise over unpaid tax

1 The head of UK fintech group Wise is facing a regulatory investigation over unpaid taxes, the company said on Monday.

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2 In September, the tax authorities placed Kristo Kaarmann, CEO and co-founder of the money transfer specialist, on a list of “individuals and companies that receive sanctions for deliberate non-compliance with respect to their tax affairs,” Wise revealed in a statement. .

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3 The Financial Conduct Authority watchdog has “begun an investigation into the regulatory obligations and standards to which” it is subject, the company added.

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4 Kaarmann “intends to cooperate fully with the FCA in its investigation,” he said.

5 The company conducted its own investigation last year and shared the findings with the FCA, which declined to comment on Monday’s news.

6 The British tax authority, HM Revenue and Customs, fined Kaarmann nearly £366,000 ($449,225), about half the amount owed in annual taxes four years ago.

7 The company’s share price fell 1.6 percent to settle at £3.75 in afternoon London trading.

8 This is less than half its launch price on the stock market nearly a year ago, when the group was valued at £8bn.

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