Retail Industry
Industry: Email Alert RSS FeedChase held in contempt in Gucci case - 2d time.
Daily News Record, August, 1984
NEW YORK (FNS) -- For the second time in five weeks, Chase Manhattan Bank has been held in contempt of court for refusing to give the Internal Revenue Service documents sought in connection with an investigation of Gucci Shops income tax returns.
Federal Judge Gerard Goettel found Chase in contempt for failing to turn over bank account records of FDC Co., Ltd., a Hong Kong corporation that the government says is controlled by Gucci. The judge ordered the bank to pay $5,000 a day in fines beginning in 30 days.
The documents, located in Hong Kong, have been sought by the IRS in its continuing probe into allegations Aldo Gucci and his company avoided thousands of dollars in taxes between 1979 and 1981 by having at least three "alter ego" companies...
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