Swiss bank UBS’s (UBSN.VX) 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, the spokesman for prosecutors in the German city of Mannheim, Peter Lintz, told Reuters.
UBS’s Frankfurt offices were raided in May and electronic data and other material that was obtained at the time is currently being analyzed, he added.
The legal inquiry is directed against unknown representatives of UBS’s German division.
Stuttgarter Nachrichten, the German daily which reported the investigation earlier on Thursday, said funds had been moved illicitly via an internal clearing account at UBS’s German branch into Switzerland. The paper did not specify the source of its information.
Detailed news link (source Reuters): click here
Link for the original story at Stuttgarter Nachrichten (in German): Wieder eine Großbank unter Verdacht (translated in English: click here)