Jorge Mendes - tax evasion?

[WasStefan]

Could this have wider implications for us? news breaking in Europe that his premises are being searched by police.

 

[ShropshireLad]

Could this have wider implications for us? news breaking in Europe that his premises are being searched by police.

When one considers how much money he’s earned it makes one wonder why such rich folk want to keep hold of it all (should he be found culpable). Fair play to JK Rowling as a good example of someone with more money than they know what to do with.

 

[rincewind]

Unless Fosun/Wolves have been giving him secret payments and it can be proven I don't think it would. Of course if he gets locked up their may be issues around our player targets but normally these things end up in fines, don't they.

 

[Surrey Wolf]

haven't his premises been searched before? pretty sure this has happened in the last few years already

 

[Deleted member 4124]

As good as Neto has surprisingly turned out, that deal was really sketchy. I wouldn’t be surprised if that’s involved somehow.

 

[Southdownswolf]

From the sounds of it, it is pretty much the whole of Portuguese football being inspected for dodgy paperwork.

 

[Bankswolf The Third]

Lazy journalism linking this to impacting on us coming up in the next hour

 

[giantwolf]

haven't his premises been searched before? pretty sure this has happened in the last few years already

I had the same thought

 

[waggys left foot]

The tax authorities in Portugal and Spain have had enough.They have done over loads of prominent football people-Messi,Mourinho,Ronaldo etc all advised on tax and image rights by Mendes.

The tax people are pragmatic they want their pound of flesh-normally they go to court and get a big fine but get suspended sentences so the defendants stay out of prison.

Just like here this won't stop unless they put transgressors behind bars (as they do with benefit cheats).

 

[wolf of sedgley]

Surely he's too much of a smart guy to be tempted to make a few extra mill on top of his legitimate multi-million income?

 

[JOSWolf]

Lazy journalism linking this to impacting on us coming up in the next hour

Fully expecting a Radio Vile special at half 5.

 

[Sheriff Woody]

........ And if Jorge get found guilty, gets used as an example and goes to prison we assume that his incredibly successful business stops? Or do we think that one of his underlings just steps into the breach and takes over?

 

[RosehillWolf]

Dingle watch have another false dawn

 

[HICKO]

Lazy journalism linking this to impacting on us coming up in the next hour

Okresh beat them to it

 

[YamYamWolf]

Gestifute office got raised too. With fosun having a say in that I wouldn't be surprised if something broke about the neto deal.

 

[Timberwolf]

........ And if Jorge get found guilty, gets used as an example and goes to prison we assume that his incredibly successful business stops? Or do we think that one of his underlings just steps into the breach and takes over?

I really don’t think Gestifute is one man. Fosun own 20% so I wouldn’t have thought they paid multi-millions for a one man band.

 

[Sketchead]

Nothing to do with Wolves...

 

[ShropshireLad]

Nothing to do with Wolves...

In general, yes. As long as we’ve paid him properly then as you say, nowt to do with us.

 

[NottsWolves]

Not saying it’s impossible, but surely it must be getting more difficult or complex to commit money laundering with regards to transfers as the deals have to go through a process.

Always surprised when it’s the rich that get caught ( should remember that Mendes hasn’t been charged with anything) as surely they have enough?

As for linking the Neto deal, why are people speculating about that, unless I’ve missed something.

 

[Vicious Sid]

As good as Neto has surprisingly turned out, that deal was really sketchy. I wouldn’t be surprised if that’s involved somehow.

jordao has caps at u18. u19, u20 and u21 and 3 first team apps for lazio
neto has u17, u18, u 19, u20 u21 caps and 4 first team apps for lazio.

some reports that we paid £16.5 mill for both.
in the context of £30 mill for a blues 16 year old our deal seems reasonable enough.

 

[Pagey]

Dr Tony and the bloke at Leeds are sat in Costa, big cheesy smiles telling anyone that listens, "told ya"

 

[JOSWolf]

Dr Tony and the bloke at Leeds are sat in Costa, big cheesy smiles telling anyone that listens, "told ya"

Dr Tit is the last one who should be smiling.

 

[CodsallWolf]

As good as Neto has surprisingly turned out, that deal was really sketchy. I wouldn’t be surprised if that’s involved somehow.

How do you know the deal was sketchy, and what do you mean by sketchy?

 

[waggys left foot]

It's a Portuguese investigation into tax and money laundering in Portuguese football so shouldn't have anything to do with Wolves.

 

[DDPPwolf313]

I thought we had put to bed the Neto/Mendes favour myth? Seems not

 

[Sheriff Woody]

I really don’t think Gestifute is one man. Fosun own 20% so I wouldn’t have thought they paid multi-millions for a one man band.

My point entirely.

 

[Deleted member 8913]

There is a major European crackdown on tax avoidance and the use of offshore companies. Everybody in football pays tax on their earnings. But the global earnings of image rights and sales etc has caused the tax people to look at world wide income.

One anecdotal example ...an Argentinian or a Portuguese plays in spain...he sold his image rights to an offshore company even before he moves to Spain.. the offshore company licenses a boot design for sales in Mexico ...are the Spanish authorities entitled to tax from the footballer in Spain on the earnings from boot sales in Mexico earned by the offshore company.? The idea of tax on offshore income is the heart of the issues with many variations..

Right now there is a war on offshore companies and companies like amazon and google who make profits in cyber space but are registered in eg Ireland.

In a former life I used to be a tax accountant and all I am trying to say is this is very complicated indeed and involves lawyers , accountants and various jurisdictions. The old idea that you pay tax on your earned income in your country of residence and not on overseas income is long gone and the tax authorities have been after other income aggressively...imagine a Colombian pop singer had a baby in Barcelona for a Barcelona player....the tax authorities claimed she spent more than six months in Spain was now resident and liable to tax on her world wide income...WaKa waka I say.

 

[Timberwolf]

My point entirely.

Ah, you were being rhetorical. Im such a dumbass
I’m usually sharp enough to spot rhetoric and incidentally, hyperbole. However, on this occasion I missed it and now I feel thoroughly ashamed of my flipperty divvy self.

 

[Yout85]

There is a major European crackdown on tax avoidance and the use of offshore companies. Everybody in football pays tax on their earnings. But the global earnings of image rights and sales etc has caused the tax people to look at world wide income.

One anecdotal example ...an Argentinian or a Portuguese plays in spain...he sold his image rights to an offshore company even before he moves to Spain.. the offshore company licenses a boot design for sales in Mexico ...are the Spanish authorities entitled to tax from the footballer in Spain on the earnings from boot sales in Mexico earned by the offshore company.? The idea of tax on offshore income is the heart of the issues with many variations..

Right now there is a war on offshore companies and companies like amazon and google who make profits in cyber space but are registered in eg Ireland.

In a former life I used to be a tax accountant and all I am trying to say is this is very complicated indeed and involves lawyers , accountants and various jurisdictions. The old idea that you pay tax on your earned income in your country of residence and not on overseas income is long gone and the tax authorities have been after other income aggressively...imagine a Colombian pop singer had a baby in Barcelona for a Barcelona player....the tax authorities claimed she spent more than six months in Spain was now resident and liable to tax on her world wide income...WaKa waka I say.

Tax avoidance is very different to tax evasion. The example you give is tax avoidance... and while frowned upon by some, is entirely legal.

Tax evasion is using illegal methods to not pay tax that is legitimately due.

I have no idea what Mendes is being accused of, so won't comment any further.


Edit: being an ex-accountant, you obviously already knew the difference.

 

[NorthWestWolf]

Money laundering so says the E&S. That's a different kettle of fish.

 

[WW1963]

Two universal laws:

1) Energy cannot be created or destroyed

2) Wolves fans can never be happy for long.

 

[ShropshireLad]

The authorities think he’s been money laundering, allegedly.

 

[Stratman Wolves]

Jorge Mendes is not employed by Wolves. Portuguese authorities have no jurisdiction outside of Portugal. Fosun are just one of several investors in Gestifute. I don't see how Wolves can be impacted by this.

 

[Bankswolf The Third]

I am dreading the next wolves based podcast
"Tim, do you think Mendes being brought in on suspicions of money laundering will dampen our top four chances or our goal of bringing in Ruben Diaz?"

 

[OLDGOLD]

Two universal laws:

1) Energy cannot be created or destroyed

2) Wolves fans can never be happy for long.

Can I add a sub clause to 2 in that 'long ' is a non fixed variable influenced by performance on the pitch, injury status of the players, the stage of the season, how well the transfer window went, how our erstwhile neighbors are performing and whether we have recently burnt our mouth on a Balti pie.... Thanks

 

[jrpb-3]

[

Jorge Mendes is not employed by Wolves. Portuguese authorities have no jurisdiction outside of Portugal. Fosun are just one of several investors in Gestifute. I don't see how Wolves can be impacted by this.

if the implication is Mendes has been aiding monye laundering /tax evasion for his clients
then that may mean they also start looking at all his clients which could affect us, particularly as most or our players and manager who are linked to Mendes have played/managed in Portugal in the past and would have been liable for tax there.

Nothing to suggest any of them are involved or done anything wrong but potentially they could get caught up in any investigation

 

[Deleted member 3518]

I thought we had put to bed the Neto/Mendes favour myth? Seems not

Too right, load of bull**** posted by the usual suspect.

 

[JonahWolf]

[

if the implication is Mendes has been aiding monye laundering /tax evasion for his clients
then that may mean they also start looking at all his clients which could affect us, particularly as most or our players and manager who are linked to Mendes have played/managed in Portugal in the past and would have been liable for tax there.

Nothing to suggest any of them are involved or done anything wrong but potentially they could get caught up in any investigation

Sadly, that’s entirely reasonable and plausible.
Suppose it didn’t affect Messi and Ronaldo’s form that badly when they were getting done for tax reasons. Not something you’d want hanging over such a chunk of our squad though.

 

[Wolf316]

I am dreading the next wolves based podcast
"Tim, do you think Mendes being brought in on suspicions of money laundering will dampen our top four chances or our goal of bringing in Ruben Diaz?"

Spiers is probably creaming himself at the thought of having a dig at Fosun and Mendes.

 

[Deleted member 8913]

Tax avoidance is very different to tax evasion. The example you give is tax avoidance... and while frowned upon by some, is entirely legal.

Tax evasion is using illegal methods to not pay tax that is legitimately due.



I have no idea what Mendes is being accused of, so won't comment any further.


Edit: being an ex-accountant, you obviously already knew the difference.

Indeed I do and as you say tax evasion is illegal but what Europe is doing is attacking tax avoidance....recently Barbados and st Lucia have abandoned their international business corporation legislation...Barbados now requires to have onshore operations ..so no shell companies. And laws are changing to ensure all income is taxed somewhere as seen in France,s attack on google... the point is Jorge probably has the best tax advice but is still under pressure.