Commerzbank raided as part of German tax probe

Commerzbank offices in Germany were raided by prosecutors investigating whether life insurance policies were used to evade tax.

Bloomberg reports that the lender isn’t a suspect and is cooperating with the authorities, Nils Happich, a spokesman for Commerzbank, said in an e-mailed statement today. Prosecutors in Bochum, Germany are investigating managers and staff of a non-German life insurance company that they didn’t identify, according to a statement on their website.

The suspects may have 'helped German investors to evade tax since 2006 in more than 200 cases', according to the prosecutors’ statement. 'They may have sold life insurance that were veiled asset-management agreements'.

To access the complete Bloomberg article hit the link below:

Commerzbank Raided in German Tax Probe Over Life Insurance

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