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  1. Wealth
February 9, 2010

WBrief: Liech. court compensates tax evader

By Spear's

As Germany steps up its plan to buy stolen Swiss bank data, a Liechtenstein court has awarded millions of euros in damages to a tax evader, who complained notification about the stolen data came too late, according to Deutsche Welle.

As Germany steps up its plan to buy stolen Swiss bank data, a Liechtenstein court has awarded millions of euros in damages to a tax evader, who complained notification about the stolen data came too late, according to Deutsche Welle.

Liechtenstein trust company LGT Treuhand must pay a former client €7.3 million (around $10 million) in damages because bankers failed to notify him about stolen data in time, the high court in the capital Vaduz said, according to the publication.

The plaintiff is a property developer from Bad Homburg, Germany, who claimed that he could have declared himself to German authorities had he known, and avoided a more costly fine for tax fraud.

To read the full story, visit wealthbriefing.com

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