Wise founder in hot water
Updated: Aug 1, 2022
A recent report in the Evening Standard highlights that Kristo Käärmann is in trouble for apparently not attending to his tax affairs. Clearly it may all be a terrible misunderstanding caused by x, y, or possibly z. BUT but but in the UK each taxpayer is responsible for their tax affairs. It's no defence to stand before the beak and say "I had no idea my affairs were a shambles, I asked Abell Morliss/Ernst & Young to deal with all my affairs. They never said a dicky bird to me about this". Of course if he's speaking the truth, then his lawyers may be advising him to claim against his advisors for their possible negligence.
In this particular case it's pretty clear he knew stuff was being ignored, and it's now come home to roost big time, as he's in very hot water not only with his Board of Directors, but the Regulators too. Both clearly take a very dim view of this situation as it is bringing a negative reputational damage on the business as a whole.
Maybe it wasn't so wise to change his banks name to Wise after all?