A USD 90 billion Danish fund refuses to enter deals with Macquarie

PFA, which oversees about USD 90bn assets, is refusing to enter new deals with Macquarie Group Ltd. amid a national campaign in Denmark to fight financial misconduct.

Photo: Ritzau Scanpix

Macquarie is one of a number of banks being investigated by German authorities in connection with alleged dividend tax fraud. In November, Danish Tax Minister Karsten Lauritzen said his country was also looking at the Australian firm's conduct. That came amid a broader crackdown on tax fraud in Denmark after offshore financiers stole almost USD 2bn from state coffers in a fraudulent rebate scheme.

"Before we see a settlement on this and can see a stronger commitment from them on a new way of conducting business, we cannot do new business,"” Allan Polack, the chief executive officer of Copenhagen-based PFA, said in a phone interview.

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