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Oldest Swiss bank to shut doors permanently after 57.8 mn US fine

Last Updated: Friday, January 4, 2013 - 11:08

Zeebiz Bureau

New Delhi: Switzerland’s oldest Swiss private bank Wegelin & Co will pull down shutters permanently following its guilty plea to charges of helping wealthy Americans evade taxes through secret accounts, a news wire has reported.

Wegelin admitted to charges of conspiracy in helping Americans evade taxes on at least USD 1.2 billion (747 million pounds) for nearly a decade. Wegelin agreed to pay USD 57.8 million to the United States in restitution and fines.

Otto Bruderer, a managing partner at the bank, said in court that "Wegelin was aware that this conduct was wrong."

He said that "from about 2002 through about 2010, Wegelin agreed with certain US taxpayers to evade the US tax obligations of these US taxpayer clients, who filed false tax returns with the IRS."

First Published: Friday, January 4, 2013 - 11:08
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