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Top five stories you may have missed
NEWS ROUNDUP

Top five stories you may have missed

2 min. 15.01.2022
In case you missed them, the Luxembourg Times has selected the five best stories of the week
OECD tax chief Pascal Saint-Amans (left), new Finance Minister Yuriko Backes and Chambre de Commerce President Luc Frieden at the Commerce Tax Seminar
OECD tax chief Pascal Saint-Amans (left), new Finance Minister Yuriko Backes and Chambre de Commerce President Luc Frieden at the Commerce Tax Seminar
Photo credit: Marc Wilwert

Court slaps fines on investment fund over Panama Papers  

A court has fined an investment fund and three of its senior executives over breaches linked to the Panama Papers scandal, in the first convictions in Luxembourg linked to the 2016 journalistic exposé into hidden money.

The financial regulator, the CSSF, had referred some cases relating to the affair to the prosecutor's office after imposing fines totalling €2 million on nine banks and investment firms in 2017 for money laundering breaches.

Luxembourg court rulings show that three of the cases concluded during 2020, with the most recent judgment issued in December last year. The court ordered Victory Asset Management to pay €25,000 and the three senior employees between €2,500 and €10,000, the court records show.

Luxembourg construction firms continue to stumble

Building companies continued to go out of business in high numbers in December, recent data has shown, as the pandemic led to fewer construction orders and inflated prices for materials hurt their bottom line.

In December, at least 21 companies related to the construction sector went under, a statement of court rulings released by the Luxembourg business register showed, out of a total of 130 bankruptcies that month alone.

New finance head stands behind global corporate tax minimum   

Luxembourg's new finance minister backed a global tax agreement that will see multinational companies pay a minimum tax rate on profits in comments that are in line with the country's efforts to shake off its reputation as a tax haven.

The deal reached in October among 137 countries and jurisdictions "marks an end to unhealthy tax competition", Yuriko Backes said at a tax conference on Tuesday.

No need for firms to disclose foreign spy work - minister  

Luxembourg companies can work with foreign intelligence services without government permission, the foreign minister said following an aerial surveillance company's reported involvement in an operation in Egypt that may have killed hundreds.

Luxembourg-based CAE Aviation is described by the French investigative journalism platform Disclose as providing manpower and equipment for a secret French-Egyptian mission that had targeted terrorists but killed civilians.

Lawmakers probe €100 million waste disposal contract  

Lawmakers will question Environment Minister Carole Dieschbourg about a €100 million job her ministry handed to a waste management company after a legal opinion found there was no basis in law to award the contract.

The hearing, which will take place on Monday, is the latest sign that irritation among politicians is refusing to die down after the contract - given out as part of the public SuperDrecksKëscht (SDK) project - became the target of a scathing investigation by news website Reporter last year.


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