Swiss bank UBS’s German
subsidiary is under investigation by local prosecutors for purportedly abetting
tax fraud.
Bank employers allegedly helped
investors to hide money pass revenue departments’ authorities by transferring
it to Switzerland, says Peter Lintz.
Reported the investigation on
November 8, 2012, Stuttgarter Nachrichten said illegal fund transfers reached well
into 2012, money was being moved invisibly via an internal clearing account at
UBS’s German branch into Switzerland. Source not specified by the paper.
Electronic data and other
hundreds of thousands materials that were confiscated in UBS’s Frankfurt offices
that were raided in May are currently being analyzed by Mannheim prosecutors.
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