Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Business
Classified Sites

The Canadian Press - ONLINE EDITION

Police detain UBS Belgium chief in probe of suspected multi-billion tax fraud

BRUSSELS - Prosecutors say police have detained the head of the Belgian division of Swiss bank UBS on suspicion that he and the firm helped wealthy clients evade billions of euros in taxes.

Prosecutors in Brussels said 40 officers on Thursday raided several premises, including the home of UBS Belgium's Chief Executive Marcel Bruehwiler. A decision on whether Bruehwiler will remain in custody is due later Thursday.

They say the amount of tax avoidance allegedly facilitated by UBS is unknown but "is estimated to total several billion euros."

Prosecutors say the information leading to the raid came from compliance officers who had left UBS or had been fired and no longer supported the bank's tactics.

UBS said its Belgian division does not support tax evasion and will fully co-operate with the investigation.

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
Sudden Surge: Flood of 2014
Opportunity Magazine — The Bakken
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates