Clients of Credit Suisse are facing
investigation by German authorities over an alleged tax evasion
scheme, according to media reports.
German newspaper Handelsblatt said that
thousands of German clients who purchased Bermuda-based life
assurance products from the bank failed to pay the required
Authorities have raided the homes of several
of these investors as friction builds between Credit Suisse and the
German tax authorities.
Credit Suisse claims to have stopped selling
the life assurance products in Germany in 2009. They were
unavailable for comment at the time this story went live.
The saga continues
The probe is the latest in a series of
controversies involving the bank and German authorities.
In 2010 German tax authorities claimed they
had received data disks of secret Swiss accounts from a
In response Switzerland issued arrest warrants
for three North Rhine-Westphalia tax officials allegedly linked to
the purchase of these details.
Credit Suisse paid German prosecutors €150m
($184m) last year to end investigations into whether the company
had assisted tax evasion by German-based clients.
This particular investigation targets only
customers of Credit Suisse, not bank employees.