1 The head of UK fintech group Wise is facing a regulatory investigation over unpaid taxes, the company said on Monday.
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. .
3 The Financial Conduct Authority watchdog has “begun an investigation into the regulatory obligations and standards to which” it is subject, the company added.
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.