UBS refutes any wrongdoing after German offices were probed by tax officials

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Last week, Swiss bank UBS released a statement denying any wrongdoing after German authorities conducted a search of the lenders Frankfurt office as part of investigations into alleged tax evasion by UBS clients.

The lender stated that no documents were apprehended during the search and the probe was not related to any criminal or civil proceeding against UBS or any of the company’s employees. Back in 2014, UBS paid over 300 million euros to settle claims by German tax authorities their Bochum branch had assisted wealthy Germans evade taxes.