9th Dec 2015 13:10
LONDON (Alliance News) - Swiss bank Coutts & Co Ltd, part of The Royal Bank of Scotland Group PLC, has settled with German Authorities over alleged tax evasion, Bloomberg News reported on Wednesday.
The report said that Dusseldorf prosecutor spokesman Ralf Herrenbrueck confirmed the EUR23.8 million settlement.
"A prosecuting authority in Germany is undertaking an investigation into Coutts & Co in Switzerland, and current and former employees, for alleged aiding and abetting of tax evasion by certain Coutts & Co clients. Coutts & Co is cooperating with the relevant authorities. RBS has made appropriate provision based on its estimate of exposure arising from this investigation," RBS said in its interim results for 2015.
Shares in RBS were down 0.8% at 288.70 pence on Wednesday afternoon.
http://www.bloomberg.com/news/articles/2015-12-09/rbs-s-coutts-unit-fined-in-germany-over-alleged-tax-evasion
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
RBS.L