Liechtenstein tax evasion settled for $67 million

[December 16, 2010]  BERLIN (AP) -- A German prosecutor says a tax evasion case against Liechtenstein's state-owned LGT bank has been settled with a fine of euro50 million ($67 million).

Bochum prosecutor Bernd Bieniossek said Thursday the proceedings against the bank for allegedly helping wealthy Germans evade paying taxes via accounts in Liechtenstein have been suspended and will be closed upon payment of the settlement.

He says Liechtenstein's LGT Group, owned by the Alpine principality's royal family, is to pay some euro46 million, and some 45 of its employees will pay the remainder.

Leaked data from an LGT business prompted a large-scale tax evasion probe in Germany, and several high-profile figures including the former CEO of Deutsche Post AG, Klaus Zumwinkel, have since been convicted of tax evasion.

[Associated Press]

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