Liechtensteinische Landesbank (LLB) has reached an agreement with the German authorities over tax evasion by German clients.
LLB will make a one off payment of EUR 16.7 million to German tax authorities. “This payment is fully covered by provisions for legal and litigation risks and will have no negative financial impact on the 2017 business year,” the bank said. “The solution reached with the authorities in North Rhine-Westphalia to settle the adverse legacy of the past establishes clarity and legal certainty. It applies to all German federal states.”
LLB has a presence in Liechtenstein, Switzerland, Austria, and the United Arab Emirates (Dubai and Abu Dhabi) and employs 858 individuals.At 31 December 2016 it managed a business volume of CHF 58.0 billion.