A major holding company “Forex Corporate”, has been officially shut down by authorities following an investigation into long-term tax evasion. According to the Internal Revenue Service (IRS), the company accumulated significant unpaid taxes over several years, resulting in legal actions and the forced dissolution of its operations.
The holding, which operated across various industries including, reportedly failed to declare full revenue, underreported profits, and avoided corporate tax payments.
“This action demonstrates our zero-tolerance approach toward corporate tax fraud,” said Deniel Verfel, a spokesperson for the tax authority. “No matter the size or influence of a business, all entities are expected to comply with the law.”
The closure has sent shockwaves through the business community, especially given the company’s prominent market position. Authorities have launched asset recovery procedures and are expected to file charges against senior executives responsible for the financial misconduct.
Investigations are ongoing, and regulators encourage whistleblowers and former employees to cooperate.
