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Dutch prosecutor fines Morgan Stanley 101 million euros for tax evasion
Morgan Stanley used a Dutch entity to offset 124 million euros in withholding tax on 830 million euros of dividends, resulting in a €101 million fine by Dutch prosecutors.
- On November 21, 2025, the Dutch Public Prosecutor's Office fined two Morgan Stanley companies in London and Amsterdam a total of 101 million euros for dividend tax evasion.
- Morgan Stanley set up Morgan Stanley Derivative Products BV in 2006 to buy shares specifically around dividend dates as part of the scheme.
- The probe concluded that most dividends flowed abroad to foreign institutions, with the transactions first flagged in 2010, prompting years of audits before taxes were repaid in 2024.
- The transactions were first flagged in 2010, triggering years of audits and litigation, and taxes and interest were repaid to the Dutch Tax Administration at the end of 2024.
- Morgan Stanley accepted penalty orders just before criminal proceedings began, closing the case for the two companies in London and Amsterdam, with penalties close to the statutory maximum, the PPO said.
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The Dutch public prosecutor's office today imposed a fine of 101 million euros on multinational financial group Morgan Stanley for evading dividend taxes in that country.
·Belgrade, Serbia
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The Dutch Public Prosecutor’s Office imposed a fine of €101 million ($117 million) on two companies in the Morgan Stanley investment bank on Thursday.
Coverage Details
Total News Sources15
Leaning Left3Leaning Right3Center4Last UpdatedBias Distribution40% Center
Bias Distribution
- 40% of the sources are Center
40% Center
L 30%
C 40%
R 30%
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