Banking: Basler KB to pay $60.4 million to settle U.S. tax dispute
29 Aug 2018

Basler Kantonalbank (BSKP.S) said on Tuesday it had settled a long-standing tax dispute with the U.S. Justice Department and will pay $60.4 million in penalties, less than the 100 million Swiss francs ($100 million) it had set aside for the purpose.

“The bank signed a Deferred Prosecution Agreement and committed to pay $60.4 million. The bank had made a provision of 100 million Swiss francs for this purpose in December 2013,” the bank said in a statement.

It said it would release the remaining provision of around 33 million francs, which would boost the bank’s results in the second half of 2018.

The U.S. Justice Department said in a separate statement the Swiss bank admitted in the agreement that between 2002 and 2012 it conspired with employees, external asset managers and clients to commit tax evasion and file false federal tax returns.

– By Lisa Lambert and Silke Koltrowitz, Reuters, 28 August 2018.

Link to Reuters.

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