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Italian judge approves Credit Suisse tax settlement deal
December 14, 2016 / 12:44 PM / a year ago

Italian judge approves Credit Suisse tax settlement deal

MILAN (Reuters) - An Italian judge approved a settlement between Credit Suisse AG (CSGN.S) and the country’s authorities on Wednesday under which the Swiss bank will pay 109.5 million euros (91.68 million pound) to end a tax investigation.

The logo of Swiss bank Credit Suisse is seen below the Swiss national flag at a building in the Federal Square in Bern May 15, 2014. Credit Suisse Group AG is expected to plead guilty and pay more than $2.5 billion to U.S. authorities to resolve charges that the Swiss bank helped Americans evade U.S. taxes, people familiar with the discussions said on Thursday. REUTERS/Ruben Sprich (SWITZERLAND - Tags: BUSINESS LOGO CRIME LAW) - RTR3PDQJ

Milan prosecutors have been investigating since 2014 an alleged fraudulent system used by the bank to transfer up to 14 billion euros to offshore accounts, mainly through the use of insurance policies. Some 13,000 clients are allegedly involved.

Both Credit Suisse and judicial sources confirmed the settlement.

“This marks the end of the investigation by Italian authorities into Credit Suisse AG’s Italian cross-border business for the period from 2008 to 2015,” Credit Suisse said in a statement.

While the agreement closes the position of the Swiss bank in the case, the Italian clients that allegedly benefitted from the system remain under investigation.

In October, Credit Suisse said it had agreed to pay Italian authorities 101 million euros in taxes, late payment interest and penalties to settle its tax position. The bank also agreed to pay 8.5 million euros for “administrative infringements in its previous cross-border business”.

Reporting by Emilio Parodi and Oliver Hirt; writing by Francesca Landini and Brenna Hughes Neghaiwi; editing by David Clarke

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