CONTACT US

For any general inquiries, please fill in the following contact form:

SUBMIT

Credit Suisse agrees to $110 million deal to settle Italy tax case: source

Credit Suisse agrees to $110 million deal to settle Italy tax case: source

Credit Suisse CNGN.S has agreed in principle to pay about 100 million euros ($110 million) to settle its tax position in Italy in a case involving allegations it helped clients transfer undeclared funds offshore, a source with direct knowledge of the matter said on Tuesday.

The agreement has not been finalised and until it is, and the money paid, the criminal investigation cannot be wrapped up nor can a decision be taken on whether or not to order a trial, other sources said.

Credit Suisse declined to comment.

The inquiry involves allegations that up to 14 billion euros ($15 billion) was transferred to offshore accounts mainly through insurance policies.

The Milan prosecutor's investigation, which began in 2014, focused on bank officials, consultants and hundreds of wealthy Italian clients, not on the bank itself.

But under Italian law a company can be held responsible if it failed to prevent, or try to prevent, a crime being committed by an employee that benefited the company.

In March the bank said its business was "systematically focused on declared assets and we have clear internal rules and processes in place to ensure that we conduct our business in accordance with the applicable laws in Italy."

(Reporting by Emilio Parodi, writing by Stephen Jewkes; Editing by Paola Arosio/Ruth Pitchford)

http://www.reuters.com/article/us-italy-creditsuisse-tax-idUSKCN12I2G8

MORE NEWS

The Brexit economy: things are starting to deteriorate

The Brexit economy: things are starting to deteriorate
By Richard Partington The British economy is showing signs of deteriorating just as the government attempts to reassert its vision for...

Why is no one exposing our failing firms in advance? Prem Sikka

Why is no one exposing our failing firms in advance?  Prem Sikka
As MPs hear evidence on the collapse of Carillion, it’s time for auditors to be held to account ince the collapse of the construction ...

Barclays reports £1.9bn loss amid Trump tax changes

Barclays reports £1.9bn loss amid Trump tax changes
By Julia KolleweA £900m charge for US tax changes, litigation bills, cost of exiting Africa and Carillion collapse all blamedHefty charges ...

Who's behind the blog

Who's behind the blog

SOCIAL MEDIA