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February 25, 2014updated 04 Apr 2017 2:28pm

Credit Suisse to testify at US Senate committee hearing on offshore tax evasion

The chief of Swiss bank Credit Suisse Group, Brady Dougan, is to testify at a US Senate committee’s hearing on offshore tax evasion.

By Verdict Staff

The chief of Swiss bank Credit Suisse Group AG, Brady Dougan, is to testify at a US Senate committee’s hearing on offshore tax evasion.

The hearing will focus on the status of probes to hold Swiss banks and their US clients accountable for unpaid taxes on billions of dollars in hidden assets.

The hearing follows Credit Suisse efforts to enter into a deal with the US government to settle allegations that aided wealthy American citizens to evade taxes by hiding their assets abroad.

The head of Senate investigative panel Carl Levin said that Robert Shafir and Hans-Ulrich Meister, who jointly run Credit Suisse’s private banking and wealth management division, as well as Romeo Cerutti, the bank’s general counsel, will join Dougan at the hearing, which is scheduled to be held on 26 February.

A Credit Suisse spokesman confirmed that the bank’s executives would participate in the hearing.

In addition, US deputy attorney general James Cole and assistant attorney general Kathryn Keneally, who heads the Justice Department’s tax division, will also testify to the panel to question the Justice Department over the settlement of the criminal probes.

Recently, Credit Suisse has agreed to pay $197 million to US regulators and admitted it serviced thousands of Americans without approval.

The US prosecutors are investigating Credit Suisse and 13 other large Swiss banks for allegedly helping US citizens hide money from tax authorities.

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