May 11, 2016 / 9:47 AM / 2 years ago

SocGen CEO says not opened offshore companies in Panama since 2012

PARIS, May 11 (Reuters) - Societe Generale Chief Executive Frederic Oudea reiterated on Wednesday that it had no offices or staff in Panama as of 2012 and said it was wrong to think the French bank was at the heart of tax fraud.

Oudea told a hearing at the French Senate that SocGen had not set up any offshore companies registered in Panama to manage wealth for clients using Panama law firm Mossack Fonseca since 2012, with one temporary exception.

This was for a Swiss tax resident of Belgian nationality who decided not to use the company after three months, Oudea said.

“No offshore wealth company registered in Panama has been opened using Mossack Fonseca since 2012 with the exception of one company which was closed three months after its creation,” Oudea said. (Reporting by Maya Nikolaeva and Julien Ponthus; Editing by James Regan)

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