Credit Suisse Group, Swiss financial services giant, has reassured its shareholders that the company is putting in its best efforts to close the outstanding tax inquiries by the US authorities during its annual general meeting.
The US Justice Department is keen to issue criminal charges against the Swiss banker accusing it of helping US tax dodgers, after the firm refused to disclose the details of American account holders citing Swiss secrecy laws.
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Credit Suisse chairman Urs Rohner was quoted by The Wall Street Journal as saying that the tax dispute was one of the most pressing issues facing the bank and it is looking to work with US authorities to the extent permitted by Swiss law.
During its enquiries, US had called the bank’s executives including chief Brady Dougan, to testify in front of a Senate subcommittee.
Acknowledging that its foreign customers including US citizens have leveraged Switzerland’s secrecy laws to deposit undeclared assets, Rohner affirmed the shareholders that the bank would assume responsibility for errors made.
However, shareholders including Ernst Schmied, referred to the bank’s legal issues and called for other shareholders to reject Credit Suisse’s compensation report, which however, was approved.
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By GlobalDataAnother shareholder, Actares, a Swiss advisory group, appealed to shareholders to vote against, discharging the bank’s board and management.
