Probe into alleged tax fraud
Source: Agencies |
November 9, 2012, Friday
|
Print Edition
Print Edition
SWISS bank UBS' German subsidiary is being investigated by local prosecutors for allegedly abetting tax fraud, putting it in another tangle with European tax authorities.
Bank employees are suspected of having helped investors transfer money to Switzerland, circumventing tax authorities, Peter Lintz, a spokesman for prosecutors in the German city of Mannheim, said.
UBS's Frankfurt offices were raided in May and electronic data and other material that was obtained at the time is now being analyzed, he added.
The legal inquiry is directed against unknown officials of UBS's German division.
Stuttgarter Nachrichten, the German daily which reported the probe yesterday, said funds had been moved illicitly via an internal clearing account at UBS' German branch into Switzerland.
Bank employees are suspected of having helped investors transfer money to Switzerland, circumventing tax authorities, Peter Lintz, a spokesman for prosecutors in the German city of Mannheim, said.
UBS's Frankfurt offices were raided in May and electronic data and other material that was obtained at the time is now being analyzed, he added.
The legal inquiry is directed against unknown officials of UBS's German division.
Stuttgarter Nachrichten, the German daily which reported the probe yesterday, said funds had been moved illicitly via an internal clearing account at UBS' German branch into Switzerland.
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