F1's headquarters and the company which owns its valuable commercial rights are based in London, so it pays tax in the UK on its profits, known as EBITDA.
Awareness of the inquiry was heightened by the publication in the UK’s Guardian newspaper, also last week, of comments on the matter by John Mann, a Labour party MP who is chairman of the Sub-Committee overseeing it.
Ten defendants, including City bankers and financial advisers involved in selling the scheme through Zeus, had previously been charged with cheating the public revenue, an offence that can lead to lengthy custodial sentences.
The goal is to enable the trustee to defer income taxes on the benefits while coordinating the requirements of the client, the trustee, the plan administrator and the IRS.
The FIS collected largely worthless information in the investigation, managed the spy badly and disobeyed the law, the report says.
The value of the assets has declined from an original total of CHF700 million but efforts to unblock the remaining funds, which were held in Swiss bank accounts, have been convoluted.
SGG Depositary Netherlands is now one of a select group of independent, non bank, depositaries in the Netherlands.
Ali Sadr Hasheminejad regularly travelled to the United States from Malta. But an investigation into the circumvention of Iran sanctions finally caught up with him, less than a year since his private bank was plunged into a national scandal. We trace the