Credit Suisse offices raided by German prosecutors

15 July 2010

The German branches of Credit Suisse have been raided by German prosecutors as part of an investigation into tax evasion.

According to reports, an estimated 150 officials from the authorities were involved in raids which took place at 13 of the bank’s branches.

Prosecutors explained that the searches were carried out following allegations that staff at Credit Suisse helped certain clients avoid paying tax.

Marc Dosch, a spokesman for Credit Suisse, told the Financial Times: “We can confirm the raids took place. We are working very closely with the German authorities. But as this is an ongoing investigation, we cannot comment further.”

The investigation is thought to be based on information which tax officials in Germany acquired earlier in the year.

In February the tax authorities are believed to have purchased a CD containing details on more than 1,000 Germans with bank accounts in Switzerland.

Earlier in the year, Renato Fassbind, Credit Suisse’s chief executive officer, stated that it was increasingly likely that information on some of its clients was stolen.

By Jim Ottewill

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