Wednesday, February 25, 2015
Commerzbank is probably involved more deeply in the tax affair, as it has been admitted. The DAX company admits that it separates only since this year from customers with shell companies in Panama. Other banks should be involved.
In the new tax alleged affair of German Commerzbank customers in Luxembourg has the money home, according to a media report affected customers canceled later than previously acknowledged. Commerzbank have, according to a spokesman only started this year with it, to separate himself from customers who do not clean sweep would have done with the tax authorities, reports the “Süddeutsche Zeitung”. Previously existing customers were more care with shell companies in Panama by the Luxembourg subsidiary, Commerzbank International.
According to research by the newspaper along with the North and the West German Radio had German investigators on Tuesday in several states with a first raid against suspected tax cheats and alleged helpers from Luxembourg started. Employees of the Luxembourg subsidiary of Commerzbank entities suspected to have played a large scale aid for tax evasion. A bank spokesman said on this report, the investigation relates to long past “old cases”. The Bank supported the authorities.More about
In her new research, the newspaper supported by its own account to documents held by the Mossack Fonseca Group in Panama, a global provider of offshore companies. Such companies were mainly designed to hide assets from the Treasury, wrote the “SZ”. Luxembourg banks, including subsidiaries of German banks, asset managers and their clients accordingly mediated letterbox companies of Mossack. The damage to the treasury could be up to one billion euros, according to the report.
The Mossack papers were the basis for the recent raid at Commerzbank and other places. The material had bought from an informant, the authorities, but was only a small part of a much larger data collection, had the “SZ”, NDR and WDR. According to the documents at least three other large German banks were involved in the alleged criminal transactions through Luxembourg and Panama, including state-owned banks, according to the report. In the financial sector will further raids expected in the coming weeks.