Bloomberg News

Credit Suisse German Clients Homes Raided by Tax Agents, HB Says

July 10, 2012

Credit Suisse Group AG (CSGN)’s German client’s homes were searched by tax agents probing the possible use of so-called “Bermuda products” involving several billion euros to hide funds from the tax authorities, Handelsblatt reported, without saying where it got the information.

Some 7,000 customers, mainly German, that used accounts in Bermuda disguised as tax-free insurance products are affected, the newspaper said, citing unidentified banking officials. The investments averaged about 500,000 euros with individual cases of 12 million euros and more, the newspaper said.

To contact the reporter on this story: Annette Weisbach in Frankfurt at aweisbach1@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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