27/10/2014
Safra Sarasin searched under warrant
p { margin-bottom: 0.1in; line-height: 120%; } A search of the premises of the Safra Sarasin private bank and the homes of suspects in Switzerland was carried out on 23 October under warrant, the Süddeutsche Zeitung reports. According to initial reports, this is part of a legal action related to fraud and tax evasion, in which the suspects are accused of illegally procuring EUR462m. The police and prosecutors have carried out searches in seven cantons. The Zurich prosecutor has confirmed the reports. This case has been in the press for months, particularly in Germany. The Cologne prosecutor’s office is investigating 30 people. These include banks and funds which processed transactions thought to be cum-ex trades. It was then possible, through withdrawing and placing equities, to charge the taxes twice, although they are paid only once. According to the suspects, Safra Sarasin recommended for years that high net worth clients invest in funds which operated in this way.
