Axa’s two most prominent global executives – Chairman Claude Bebear and CEO Henri de Castries – have found themselves embroiled in a tax avoidance investigation.

While no one has suggested wrongdoing by the men, the Axa board was quick to publicly affirm its support for the two executives. Both men were held by French police for a day without being charged, an action that was enough to make European stockmarkets jittery.

The media described the investigation as being centred on “money-laundering”. However, this is a French term for tax avoidance rather than money raised through violent crime. The investigation revolves around allegations that Luxembourg-based insurer PanEuroLife has illegally dealt with tens of millions of dollars since 1992. PanEuroLife is now owned by a US company, but was previously owned by UAP, which Axa bought in 1997.