Following the conclusion of an investigation by German tax inspectors, it emerged on Monday that Commerzbank is to face a fine of around 31.2 million euros ($33 million) for facilitating tax evasion in the early 1990s.
According to a report from the Financial Times, following the arrest in 1996 of one of the bank's consultants for stealing a customer account list from the bank's Luxembourg subsidiary, a police raid was conducted on Commerzbank's headquarters, and 30 bank employees were placed under suspicion of having assisted clients in evading German withholding taxes by opening accounts for them in neighbouring offshore centres such as Liechtenstein, Luxembourg, and Switzerland.
The business daily revealed that the bank, Germany's fourth largest, has agreed to pay the fine, meaning that the four year case can now be closed.
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