February 9, 2018 / 10:30 AM / 10 months ago

Swiss lender ZKB says progress on U.S. tax case stalled

The logo of Zuercher Kantonalbank bank (ZKB) is seen at its headquarters at the Bahnhofstrasse in Zurich, Switzerland March 7, 2016. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - Swiss lender Zuercher Kantonalbank’s [ZKB.UL] tax case with U.S. authorities is stalled without a resolution in sight, its chief executive told journalists on Friday, virtually mirroring comments he made a year ago.

“We couldn’t make progress in 2017,” CEO Martin Scholl said at a news conference where he detailed last year’s earnings. “We’re ready at any time, but we don’t know when that will be.”

The U.S. Department of Justice is investigating government-owned ZKB on suspicion of helping wealthy Americans evade taxes. Two ZKB employees pleaded not guilty in 2016 to helping people hide hundreds of millions in offshore accounts.

Reporting by John Miller; Editing by Michael Shields

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