The Central Delegation of Large Taxpayers of the Treasury issued a resolution on March 29 in which it attributes to the venture capital fund CVC Capital Partners a fraud of nearly 84 million euros with the sale in 2017 of IDCSalud (formerly Capio) to Helios Healthcare, from the German group Fresenius.
The Tax Agency has found irregularities in the settlement of said operation, executed by an investment vehicle based in the Cayman Islands owned by CVC, as well as through a chain of companies incorporated in Luxembourg and the Netherlands. As a result of the transaction, a tax base of 2,878 million euros was declared, but the full amount paid in Spain was zero euros, on the grounds that the double taxation agreement in force between Spain and the Netherlands should apply.
However, in a resolution issued on March 29, the Treasury attributes to CVC an alleged monetary fraud and the yield of capital and debt resulting from 102,688,604.91 euros.
Against this resolution, CVC has filed seven appeals before the central administrative court number 6, which has not yet ruled, for violation of the right to effective judicial protection. CVC has also requested to raise a harmful issue to the Court of Justice of the European Union (CJEU) for understanding that the resolution of the Treasury may violate the freedom of establishment and the free movement of capital.
The Prosecutor’s Office of the National Court has indeed ruled, which rejects the CVC’s arguments and considers the Spanish jurisdiction fully legitimated to deal with the matter, for which reason it urges the court to reject the appeals. It is, the Prosecutor’s Office points out in a report, “possible criminal-tax activities that have their origin in corporate transfers of entities in the private health sector”, whose investigation corresponds to Anti-Corruption.
The Prosecutor’s Office also considers that from the inspection actions it is possible to estimate the amount defrauded by the different and responsible concepts to the total sum of 355,904,224.82 euros, and a resulting debt of 369,943,921.8 euros. The CVC fund has 25 offices in Europe, America and Asia, and currently has assets under management for imports of more than 133,000 million euros; His main interests include sports such as Formula One, MotoGP, rugby, the French soccer league, Spanish LaLiga, volleyball and cricket.