View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
April 1, 2010

WBrief: Germany now looking into UBS

By Spear's

New troubles are ahead for UBS as the German subsidiary of the Swiss banking giant is being investigated for having allegedly helped clients to systematically avoid taxes by establishing false residency in Switzerland.

New troubles are ahead for UBS as the German subsidiary of the Swiss banking giant is being investigated for having allegedly helped clients to systematically avoid taxes by establishing false residency in Switzerland.

BaFin, the German financial regulator, has launched a special investigation into the case of a former client of UBS who claims that UBS Deutschland helped him to get a residence permit in Zurich in order to avoid paying taxes in Germany, Spiegel Online reports.

In accordance with German privacy laws the claimant has been named only as Peter S.

A UBS spokesperson told WealthBriefing that the bank was “in close, regular contact with BaFin.”

The spokesperson added: “We confirm that BaFin has initiated a special probe in connection with the allegations raised by Peter S. Obviously, UBS Deutschland AG is co-operating with BaFin.”

To read the full story, visit wealthbriefing.com

Content from our partners
Meet the females leading in the FTSE
A cut above: Charles Sanford on why HNW clients choose LGT Wealth Management
How the Thuso Group’s invaluable experience and expertise shaped the Spear’s Schools Index 2024

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network