Vontobel settles German tax evasion case with EUR13.3 million

Ironwood

Swiss investment banking giant, Vontobel said it is paying a sum of EUR 13.3 million to settle a tax evasion case against some of its clients with the German authorities.

The investment bank released a short statement on the matter that:

“Vontobel has agreed a mutual settlement with the authorities in the German state of North Rhine-Westphalia in connection with untaxed assets held by German clients.”

Confirming the settlement amount, Vontobel said: “It will pay a one-off sum of approximately EUR 13.3 million.
Provisions for legal and litigation risks in this matter had already been taken out as at December 31, 2017.”

“The mutual agreement with the authorities in North Rhine-Westphalia, which applies to all German states, completes Vontobel’s efforts to rectify past mistakes. Vontobel’s main concern from the outset was to ensure clarity and legal security, particularly in the interests of its staff,” the company said.