CK Hutchison's (HKG:0001) Italian telecommunications unit, Wind Tre, is under investigation for alleged tax evasion following a 3.4 billion euro asset sale to Cellnex Telecom, Bloomberg News reported Friday, citing a document.
The probe focuses on Wind Tre's failure to pay registration taxes while selling thousands of cell sites to Spain-based Cellnex, the report said.
The taxes involved amount to 132 million euros, according to Bloomberg, citing the document.
Wind Tre relied on Luxembourg-based vehicle CK Hutchison Europe Investments to effect the sale and reduce its tax obligations to Italy, the report said.
"Wind Tre implemented the transaction in full compliance with applicable tax laws," the report said, citing a statement by the Italian telco.
CK Hutchison did not immediately respond to a request for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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