Justice system investigates extensive tax evasion and money laundering scheme involving Lactalis and Société Générale
Taking Luxembourg's Banking Scene by Storm
In the heart of Europe, the local branch of Société Générale is experiencing turbulent times as a new era unfolds. Patrick Suet, a former confidant of Édouard Balladur at Matignon back in '95, a man once considered a mainstay of Société Générale Luxembourg, and a figure once esteemed in the bank as its secretary-general at the Paris headquarters since 2009, has also bid the board adieu. Nevertheless, he continues to serve as a member of theAMF college, the stock market regulator, according to sources from Libération. Other board members have also vacated the premises.
On the tense day of June 24, 2024, a wave of raids swept through Société Générale's establishments in both Paris and Luxembourg City. These operations reignited suspicions swirling around the Luxembourg branch of the group for quite some time. An investigation was initiated by the Parquet national financier (PNF) in January 2024, targeting numerous offenses including "money laundering of tax fraud", "organized or aggravated money laundering of tax fraud", and "criminal association".
Shady Dealings
With 80 investigators and 11 magistrates on the case, the intricate financial machinations under scrutiny are no walk in the park.
In general, investigations surrounding Société Générale's Luxembourg subsidiary of mid-2024 generally revolve around allegations of money laundering, fraud, and financial skullduggery. The PNF, France’s financial prosecutor, executes searches across multiple premises connected to the subsidiary to gather evidence for these misdeeds. However, due to the scarcity of pertinent information about the specific case in June 2024, the exact nature of the offenses, the scale of the raids, or the precise findings of the PNF investigation remain unconfirmed.
For a clearer picture of the Société Générale Luxembourg subsidiary investigation by the PNF in June 2024, it would be advisable to consult specialized legal or financial news outlets or official French judicial sources.
The ongoing investigation by the Parquet national financier (PNF) has seen a significant focus on the finance and business activities of Société Générale's Luxembourg subsidiary, with suspicions of money laundering, fraud, and financial skullduggery. The general news and crime-and-justice sectors have been riled up by the raids that swept through Société Générale's establishments in Paris and Luxembourg City, emphasizing the gravity of the situation.
