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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 27, 2025, the Dutch Public Prosecutor's Office fined Morgan Stanley 101 million euros for dividend tax evasion, closing the case with the penalty near the maximum.
- 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 Netherlands vehicle receiving 830 million euros and offsetting 124 million euros in withholding tax from 2010–2012.
- 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, allowing prosecutors to close the case for the two companies in London and Amsterdam, with penalties near the statutory maximum.
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15 Articles
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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