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Bank Employee Shops Offshore Customers To Tax Authorities

by Ulrika Lomas, for LawAndTax-News.com, Brussels

05 April 2007


Swiss newspaper SonntagsZeitung has reported that the German tax authorities are investigating some customers of Bank Julius Baer's Cayman Islands branch using information provided by a former employee.

The employee apparently stole files including client addresses and details of account balances between $5m and $100m and sent the information to the tax office, which has opened a probe into possible tax evasion by "individual customers," said SonntagsZeitung.

The newspapers said that some clients may be forced to repay millions in taxes or could even lose their investments.

According to Caribbean Net News, Martin Somogyi, spokesman for the Zurich-based bank, said on Monday in a telephone interview that the documents were stolen in 2002: 'The theft is "regrettable" and involves a "relatively small number of customers",' he said.

The bank has reconstructed the stolen data, which covers the period between 1997 and 2002, Somogyi added.


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