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Owner of major software company Siveco arrested for tax evasion [IntelliNews - Weekly Reports](IntelliNews - Weekly Reports Via Acquire Media NewsEdge) Irina Socol, one of the two co-owners of major Romanian software company Siveco, was arrested at the request of prosecutors in a EUR 10mn tax evasion case, Ziarul Financiar daily announced. The company was set up in 1992 by Socol and her spouse, and reported EUR 65mn revenues in 2013 -- when the number of employees was 1,000. Its revenues however hit EUR 80mn in previous years. Siveco has supplied software to public institutions including the ministry of education, ministry of agriculture and to the public health system. The revenues from services delivered abroad reached 30% of the total in 2013. Siveco has allegedly paid large amounts of money for services that it never received. The money was paid for avoiding taxes, to firms owned by roma ethnic specialised in scrap iron collection. Owners of these firms admitted that they never supplied software services to Siveco – in fact most of them were illiterate. The money received from Siveco was withdrawn from the bank accounts in cash. The prosecutors have not commented about the financial statements of the scrap iron firms, but typically the tax evasion in the sector is among the highest in the country. (c) 2014 Emerging Markets Direct Media Holdings LLC Provided by SyndiGate Media Inc. (Syndigate.info). |