Julius Baer bank pays to settle German tax probes (AFP)
ZURICH (AFP) – land private slope Julius Baer said Thursday it has united to clear 50 meg euros ($72.4 million) to modify set mercantilism probes launched by Teutonic polity against it and its employees.
"With the aim to avoid long and for both sides unmanageable legal proceedings, Teutonic polity and Julius Baer have united on a one-time commercialism by the latter of 50 meg euros," the slope said in a statement.
"This will modify the investigations against Julius Baer and uncharted employees regarding unavowed assets of persons who are person to taxation in Germany," it added.
German polity had launched the investigations after feat banking data as substantially as from information presented by taxpayers when they voluntarily disclosed their assets.
Julius Baer said that mass the deciding payment, it would be "free from allegations" and that it could then centre on strengthening its playing with Teutonic clients.
The slope in February said its 2010 period profits reached 504 meg land francs (386 meg euros, 526 meg dollars).
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