GERMANY: There is no sign of police activity at Commerzbank's Frankfurt hub on the same day the financial institution said its offices were searched in connection with a tax evasion probe
Record ID:
564800
GERMANY: There is no sign of police activity at Commerzbank's Frankfurt hub on the same day the financial institution said its offices were searched in connection with a tax evasion probe
- Title: GERMANY: There is no sign of police activity at Commerzbank's Frankfurt hub on the same day the financial institution said its offices were searched in connection with a tax evasion probe
- Date: 3rd December 2013
- Summary: FRANKFURT, GERMANY (DECEMBER 3, 2013) (REUTERS) TILT COMMERZBANK BUILDING TO PEDESTRIANISED SQUARE BELOW VARIOUS COMMERZBANK SIGNS ON BUILDING PAN TRAFFIC TO COMMERZBANK BRANCH COMMERZBANK SIGN COMMERZBANK ENTRANCE COMMERZBANK TOWER COMMERZBANK SIGN ON BUILDING TOP OF COMMERZBANK BUILDING TILT PEOPLE WALKING TO TOP OF COMMERZBANK BUILDING
- Embargoed: 18th December 2013 12:00
- Keywords:
- Location: Germany
- Country: Germany
- Topics: Crime / Law Enforcement,Finance
- Reuters ID: LVA92SR9K0521AOUV04FA53CM0IM
- Story Text: German prosecutors searched Commerzbank offices on Tuesday (December 3), looking for evidence that a foreign life insurance company may have helped German investors evade taxes.
State prosecutors in Bochum said around 270 tax officials participated in the raids across Germany, probing the sale of wealth management products disguised as life insurance.
Commerzbank confirmed that its offices were searched as part of the investigation.
The prosecutors did not identify the insurer involved.
German financial daily Handelsblatt cited industry sources as saying on Tuesday that the probe was focused on Italy's Generali.
A spokesman for Generali's German business, Generali Deutschland, declined immediate comment.
Commerzbank's private banking business has a close partnership with Generali's "panEurope" platform, which is based in Ireland and offers cross-border insurance and wealth management products to European clients.
The Bochum prosecutors said in a statement they were investigating more than 200 instances beginning in 2006 when staff of the life insurer were suspected of having helped clients avoid German taxes.
Commerzbank said it was cooperating fully with authorities and declined to provide further details. - Copyright Holder: REUTERS
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