Top 5 Stories You May Have Missed

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Top 5 Stories You May Have Missed

OVERVIEW

5 minutes.

today at 08:56

In case you missed them, The Luxembourg Times has selected the best stories of the week for you

In case you missed them, The Luxembourg Times has selected the best stories of the week for you

Fiat car factory

Photo credit: Shutterstock

Fiat wins LuxLeaks appeal with a blow to the Commission

Carmaker Fiat avoided paying 30 million euros in back taxes in Luxembourg as the EU’s highest court ruled on Tuesday that a tax ruling the company received from the Grand Duchy does not did not constitute unlawful state aid, a blow to the Commission’s efforts to crack down on tax avoidance.

In 2015, Brussels ordered the automaker, which has since merged with a larger automaker called Stellantis, to refund taxes to the Grand Duchy, arguing that a tax ruling from 2012 granted the company tax benefits. unjust.

The Fiat tax ruling was one of hundreds of sweetheart deals Luxembourg granted to multinationals to reduce their tax bill, a practice that has since ended but earned the Grand Duchy its reputation as a tax haven.

Luxair problem with empty seats persists, data shows

More empty seats are whizzing through the air on Luxair planes than on other European airlines, the data shows, which could explain why Luxembourg’s national airline continues to struggle.

Government-owned Luxair filled around three-quarters of available seats on its flights over the past summer vacation, while other European-based carriers were closer to 90% and several airports had to cancel flights to reduce the number of travelers who overwhelmed them.

The data, provided to the Luxembourg time by OAG – which sells flight information and analysis to airports, airlines and travel technology companies – may indicate a continuing problem of unsold seats on Luxair routes.

Compared to other airlines, Luxair has undersold capacity in all but one month through June 2021, as a comparison of OAG data with monthly reports from the Transportation Association shows. international airline (IATA).

Brexit minister’s brother Barclay wins in EIB reshuffle

Nicholas Barclay, who took the reins of the compliance department of the European Investment Bank (EIB) two years ago, has been promoted to one of the most senior positions at the 95 billion euro European lender by year, a note published on the bank’s intranet is displayed.

The Briton, brother of former UK Brexit minister Stephen Barclay, will oversee cybersecurity, data systems, buildings management and personnel as chief executive of the business services directorate, according to an internal memo from the EIB President, Werner Hoyer, seen by the Luxembourg time.

Nicholas Barclay became the bank’s chief compliance officer in February 2020 – a role in which he ensures the bank does not lend money to criminals, for example – succeeding Gerard Hütz, a 20-year EIB veteran. years, who left office shortly after a damning internal audit report and whistleblower complaints which revealed a disregard for anti-money laundering rules.

The European Parliament has been control the financial operations of the EU bank during the last years, stacking pressure above to improve monitoring

Belgian scam victim case linked to missing Australian woman

With a dapper look, Ghislaine Danlois headed straight for a table in a brasserie on the outskirts of Brussels as soon as she spotted the two reporters she had agreed to meet for this report.

When she was over eighty – but asking that her age not be published – Danlois soon began to give a compelling account of how she became the alleged victim of a serial con artist with connections proven with Luxembourg, a man named Frederick de Hedervary whom she met about fifteen years ago.

The story of how she lost €70,000 connects her to a famous cause in Australiawhere the same con artist is a crucial witness in a forensic investigation into the mysterious disappearance of a local woman he was in a relationship with.

European Parliament takes on EIB funds arm in new stalemate

The European Parliament has given the European Investment Bank another jab, urging it to fix poor oversight of the billions its fund arm lends each year, two years after similar flaws at the bank itself have been revealed.

Parliamentarians too denounced the EIB’s lack of transparency in its dealings with parliament and the bloc’s budget watchdog, the ECA, in a report that raised widespread concerns about several practices of the EU lender.

But the lawmakers’ most serious complaint concerned failings in the way loan officers and the compliance officers who oversee them carry out risk management – a broad term that can include money laundering checks – at the European Fund. Investment Fund (EIF), the venture capital of the EIB. arm, which issued more than 30 billion euros last year, more than double the amount in 2020.


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