French Court Cuts Criminal Tax Fine Against Latvian Bank

Law360 (April 7, 2021, 6:18 PM EDT) -- An appeals court in France reduced a criminal fine originally set at €80 million ($95 million) against Latvia's Rietumu Bank in July 2017 in connection with tax fraud charges involving a client of the commercial lender.

In a statement Tuesday, the bank said the Court of Appeal in Paris had earlier in the day "announced a ruling" on Rietumu's appeal in a case opened "several years ago" regarding tax violations by the company France Offshore. The statement offered no further details, but Latvian media reported that the court had slashed the fine by 75%, to €20 million.

A representative of Rietumu...

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