The high-net-worth customers used index certificates issued by the bank.
(Photo: Banque Cramer)
Zurich, Cologne The Geneva-based private bank Cramer & Cie SA is suspected of helping German entrepreneurs evade millions in taxes. This emerges from a search warrant of the Munich District Court, which is available to the Handelsblatt.
The high-net-worth customers used index certificates issued by the bank. In doing so, they achieved alleged losses and thus reduced their tax burden in some cases by double-digit millions.
Marc-Henri Balma, board member and chief operating officer of Banque Cramer & Cie, did not want to comment on the allegations when asked by Handelsblatt. “As you can imagine, it is the policy and practice of our bank to abstain from any comments on its customers, whether real or perceived,” said Balma in writing.
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