The head of Millionaire Wise investigated tax evasion

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Financial regulators have launched a formal investigation into the millionaire, co-founder of the Wise money transfer group, after he failed to pay £ 720,495 in taxes.

The Financial Management Authority is investigating whether Wise CEO Kristo Käärmann violated the standards required to run a large financial organization by failing to submit appropriate tax returns in the 2017-2018 tax year.

The Telegraph revealed Mr Käärmann was fined £ 365,651 for HMRC’s errors last year with a penalty that hinted that he either provided inaccurate documents, failed to inform HMRC of his circumstances, or committed irregularities related to VAT or excise duty.

HMRC expressed concern about Mr Käärmann’s tax matters when he published his name on the list of fraudsters dealt with using civil lawsuits rather than criminal proceedings.

Käärmann is valued at £ 865 million, according to the Sunday Times Rich List, thanks to his ownership of nearly a fifth of Wise shares.

Wise’s board of directors said it was cooperating fully with the FCA’s investigation and also provided the authorities with the findings of Mr Käärmann’s own investigation into tax matters.

Wise hired outside attorneys last year to review tax defaults. David Wells, president of Wise, said the company is Mr. Käärmann was ordered to hire tax advisers after the committee completed its investigation in the last quarter of 2021.

Mr Wells said: “The board takes Christ’s tax evasion and FCA investigation very seriously.

“After reviewing the matter at the end of last year, the committee demanded that Kristo take corrective action, including the appointment of professional tax advisers to ensure proper management of his personal tax matters.

“The board has also shared details of its findings, assessments and actions with the FCA and will work fully with the FCA when requested, while continuing to support Kris in his role as CEO.”

The FCA declined to comment.

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