Thursday, 11th August 2022
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UK probes boss of fintech firm Wise over unpaid tax

The boss of British fintech group Wise is facing a regulatory probe over unpaid taxes, the company said Monday. Tax authorities had in September placed Kristo Kaarmann, chief executive and co-founder of the money transfer specialist, on a list of "individuals and businesses receiving penalties for a deliberate default regarding their tax affairs", Wise revealed…

A handout photograph released by the UK Parliament shows Britain’s Prime Minister Boris Johnson gesturing as he speaks during the weekly Prime Minister’s Questions (PMQs) session in the House of Commons, in London, on June 22, 2022. (Photo by JESSICA TAYLOR / UK PARLIAMENT / AFP) / RESTRICTED TO EDITORIAL USE – NO USE FOR ENTERTAINMENT, SATIRICAL, ADVERTISING PURPOSES – MANDATORY CREDIT ” AFP PHOTO / Jessica Taylor /UK Parliament”

The boss of British fintech group Wise is facing a regulatory probe over unpaid taxes, the company said Monday.

Tax authorities had in September placed Kristo Kaarmann, chief executive and co-founder of the money transfer specialist, on a list of “individuals and businesses receiving penalties for a deliberate default regarding their tax affairs”, Wise revealed in a statement.

The Financial Conduct Authority watchdog has “commenced an investigation regarding the regulatory obligations and standards to which” he is subjected, the company added.

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

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

Britain’s tax authority, HM Revenues and Customs, has fined Kaarmann almost £366,000 ($449,225), around half the amount due in annual tax four years ago.

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

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