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Adidas, Michelin and Total Investigated for Tax Fraud

By Clea

In April, French President Nicolas Sarkozy ordered investigations into Liechtenstein bank accounts used by Michelin, Total and Adidas as tax havens. The move, intended to coincide with the recent G20 agreement to curb international tax shelters, began four months ago and was focused on accounts held by subsidiaries of the large companies.

Michelin and Total quickly denied the charges, according to a report by the UK?s Independent Newspaper. A spokesman for Total was quoted as saying, ?All we have in Liechtenstein is two filling stations.?

While news of this action was ?leaked? just days before the G20?s London Summit, many diplomatic sources were quoted in the story as saying that the move was a political move to help restore domestic confidence in President Sarkozy.

Full post as published by Ethisphere Blog - Good. Smart. Business. Profit. on May 14, 2009 (boomark / email).