** People rescuing an injured passenger from inside a passenger bus hit by a truck on Dhaka-Mawa Expressway in Shologhar area of Shreenagar upazila in Munshiganj on Thursday. ** Motorcycles allowed on Padma Bridge after 10 months ** Commuters charge extra fare, passengers disappointed ** 78 people killed in Yemen stampede ** Moon sighting committee meets today to ascertain Eid day ** 9 killed in road accidents in 3 districts ** US announces new $325 m military aid package for Ukraine ** Eid-ul-Fitr in Saudi Arabia today ** Eid exodus begins ** LPG price cut illusive ** 15 hurt as bus overturns in capital ** New interbank cheque clearing timings set for Eid holidays ** Four women hit by a train die in Tangail ** 12.28 lakh SIM users left Dhaka on Tuesday ** Sylhet engineer threatened over power outage ** People rush to village homes to spend Eid holidays with their near and dear ones. This photo was taken from Sadarghat Launch Terminal on Tuesday. NN photo ** Surge in cases of dehydration, diarrhoea amid summer heat wave ** Padma Bridge construction cost increases by Tk 2,412cr ** PM gives Tk 90m to Bangabazar fire victims ** Textile workers block highway demanding wage, Eid bonus ** Attack on PM's motorcade Ex-BNP MP, 3 others get life term ** Load-shedding increases for demand of electricity during heat wave ** Motorbikes to be allowed on Padma bridge from Thursday ** 5-day Eid vacation begins from today ** Take Nangalkot train accident as a warning about negligence of govt functionaries **

Credit Suisse has violated US tax evasion deal, Senate Committee finds

30 March 2023

Reuters :
Credit Suisse CSGN.S violated a 2014 plea deal with US authorities by continuing to help ultra-wealthy Americans evade taxes and concealing more than $700 million from the government, the US Senate Finance Committee found on Wednesday.
After concluding a two-year investigation into Credit Suisse - which this month agreed to a rescue takeover by rival UBS UBSG.S - the committee said it had uncovered "major violations" of the 2014 agreement between the Swiss lender and the US Department of Justice for enabling tax evasion.
These violations included failing to disclose nearly $100 million in secret offshore accounts belonging to a single family of US taxpayers, which it said represented an "ongoing and potentially criminal conspiracy".
In an emailed statement, Credit Suisse said it did not tolerate tax evasion and had been cooperating with US authorities.
"Credit Suisse's new leadership team has cooperated with the Committee's inquiry and has supported the work of Senator Wyden, including in respect of suggested policy solutions to help strengthen the financial industry's ability to detect undisclosed US persons," the bank said, referring to Senate Finance Committee Chairman Ron Wyden.
In a statement Wyden said: "At the center of this investigation are greedy Swiss bankers and catnapping government regulators, and the result appears to be a massive, ongoing conspiracy to help ultra-wealthy US citizens to evade taxes and rip off their fellow Americans."
Representatives for the US Department of Justice did not immediately respond to a request for comment.
Credit Suisse in 2014 became the largest bank in 20 years to plead guilty to a US criminal charge, agreeing to pay a $2.5 billion fine to authorities for helping Americans evade taxes in a conspiracy that spanned decades.
It was one of a string of scandals that rocked Switzerland's second-biggest lender and contributed to it being forced into the arms of UBS.
Last year it pled guilty to defrauding investors over an $850 million loan to Mozambique meant to pay for a tuna fishing fleet, and in June the bank was convicted by Switzerland's Federal Criminal Court of failing to prevent money-laundering by a Bulgarian cocaine trafficking gang.
Swiss authorities engineered the rescue of Credit Suisse earlier this month as they scrambled to prevent the lender from collapsing. UBS on Wednesday rehired Sergio Ermotti as CEO to steer its takeover of CS and reassure the world's wealthy that UBS remains a safe harbour for their cash.

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