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First conviction in German tax case over Liechtenstein Bank

 First conviction in German tax case over Liechtenstein Bank
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A German tax dodger has received a two year suspended jail sentence after an investigation of bank accounts in Liechtenstein. Prosecutors say the accused, known as “Elmar S”, funnelled 11 million euros into Liechtenstein, without paying German taxes. He was convicted after only one day of trial. He had admitted his guilt and paid his tax debts earlier.

The case is part of a probe of around 900 suspects, over money transfers to Liechtenstein foundations. It is the first of these to go to trial. The German government paid a former bank employee up to five million euros for leaked account information.

The investigation became public in February this year, when the home of the Chief Executive of Deutsche Post, Klaus Zumwinkel, was searched.

He resigned a day later and may still face charges. To avoid trial 250 tax evaders so far have turned themselves in.

More than 110 million euros of evaded taxes have been repaid. Around a dozen other countries have mounted similar sweeps.