General Electric’s scheme to avoid millions of euros in taxes in France
By Filippo Ortona (Disclose)
Following its purchase in 2015 of the power branch of French engineering firm Alstom, General Electric put in place a vast tax avoidance scheme involving subsidiaries in Switzerland and the US state of Delaware to syphon off hundreds of millions of euros that would otherwise have been subject to taxes in France, according to an investigation by Mediapart’s online partner newsroom Disclose. What’s more, the scheme appears to have had the blessing of the French economy and finance ministry.
In November 2015, US conglomerate General Electric (GE) completed its purchase of the power and grid branch of engineering giant Alstom, once regarded as one of France’s industrial jewels. It was the start of what has become an industrial fiasco.
