UBS client files complaint, German prosecutor says

February 11, 2010
Singapore Democrats

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Joseph Heaven
Bloomberg

A German UBS AG client has filed a criminal complaint against the bank, a spokeswoman for Frankfurt prosecutors said today.

Doris Moeller-Scheu, the spokeswoman, said prosecutors received the complaint. She declined to comment further. UBS said it hasn’t received a complaint yet and has “launched an internal investigation about the case which relates to investment losses, tax questions and domicile,” Tatiana Togni, a Zurich-based spokeswoman for the lender, said in an e-mailed statement today.

“Should these accusations be proven true, the new leadership of UBS will take appropriate measures,” Togni said.

The client, identified as P.S., filed a 30-page complaint against the Zurich-based bank’s UBS Deutschland AG unit for helping the customer evade taxes, Handelszeitung reported today.

P.S. gave documents revealing a foundation in Singapore and a fake address in Zurich that an adviser at the bank helped set up, costing Germany 40 million euros ($55 million) in lost tax, the Zurich-based newspaper said, citing the deposition made to the prosecutors in Frankfurt.

http://www.bloomberg.com/apps/news?pid=20601100&sid=aJ8oU9_WVf2Y