A police raid on his home outside Paris a few years on in 2017 turned up about $6.5 million (R89.5 million) stashed away in another unreported account, this one at Morgan Stanley in the US. Neither of them had anything to do with the secret Morgan Stanley millions and both say they had no idea Forneri’s tax affairs were in such shambles. Glas – who worked at Credit Suisse at the time – denies any involvement in the creation of the Bahamas structure. "Forneri didn’t want too many people at Credit Suisse knowing how much he had in stock options," Glas said. A lawyer for the French tax administration said that a deal of about 3 million euros to settle Forneri’s dues is nearly finalized.

Source: News 24 May 30, 2021 11:26 UTC