Former Deutsche Post boss escapes jail for tax evasionJanuary 27th, 2009 - 12:06 am ICT by IANS
Bochum (Germany), Jan 26 (DPA) A disgraced German business leader was given a suspended prison sentence Monday for evading tax on funds hidden in the Alpine principality of Liechtenstein.Former Deutsche Post chief executive Klaus Zumwinkel, 65, concealed nearly 1 million euros ($1.3 million) from German tax authorities in trust funds managed by the LTG Bank in Liechtenstein.
A court in the west German city of Bochum sentenced him to a two-year suspended sentence and a fine of 1 million euros. Zumwinkel pleaded guilty at the start of proceedings on Thursday, calling his action “the biggest mistake of my life”.
Zumwinkel was detained in February 2008 after prosecutors obtained evidence from Germany’s BND foreign intelligence service on trusts administered by the LTG bank on behalf of wealthy tax-shy Europeans.
Released on bail after a search of his villa, Zumwinkel resigned shortly afterwards as head of Deutsche Post, one of the world’s leading logistics companies with a global workforce of more 350,000.
Later, he stepped down from positions on the boards of other leading companies such as Deutsche Telekom, Lufthansa and retail and travel concern Arcandor.
- Germany may buy data on tax evaders with Swiss accounts - Jan 31, 2010
- Why hide names of foreign account holders, asks apex court (Lead) - Jan 14, 2011
- Germany's Deutsche Post chief Zumwinkel resigns after tax raid - Feb 15, 2008
- Lufthansa names Christoph Franz as new CEO - Sep 23, 2010
- Lufthansa to relaunch onboard internet service - Dec 01, 2010
- German banker who misled market gets suspended jail term - Jul 14, 2010
- Lufthansa pilots suspend strike after talks - Feb 23, 2010
- Indian's appointment as Deutsche Bank chief sparks debate - Jun 18, 2010
- Anshu Jain's appointment as Deutsche Bank chief questioned (Lead) - Jun 18, 2010
- Cabinet discusses black money issue after apex court rap - Jan 20, 2011
- Italian ministers post salaries online - Feb 22, 2012
- Magazine claims to have list of Indian tax evaders - Feb 04, 2011
- India's cabinet discusses how to bring black money back (Roundup) - Jan 20, 2011
- Black money trail: Use of tax agreement with Germany denied - Feb 09, 2011
- Latin American firm gains control of Dutch telecom - Jun 29, 2012
Tags: business leader, deutsche post, deutsche telekom, europeans, foreign intelligence service, german business, german city, global workforce, klaus zumwinkel, leading companies, logistics companies, lufthansa, mistake of my life, principality, prison sentence, prosecutors, tax authorities, tax evasion, trust funds, west german