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SBD Global/March 12, 2014/Finance

Bayern Munich President Hoeneß Owed More Taxes Than Initially Revealed

Bayern Munich President Uli Hoeneß "faced a damaging testimony" in a tax trial on Tuesday when an official charged the German football legend "had withheld incriminating evidence" for more than a year and avoided €23.7M ($32.8M) in tax, according to the AFP. New twists and additional witnesses "will likely extend the high-profile trial -- in which Hoeneß faces a possible jail term -- beyond this week." Hoeneß said at the opening of the trial on Monday that he used Swiss bank accounts to cheat on €18.5M ($26M) in taxes. But on Tuesday, a tax official said the figure, not including the initial €3.5M ($4.9M) Hoeneß was charged for, was closer to €23.7M. According to prosecutors, it "could end up being even higher." The testimony "piled further pressure on Hoeneß, one of the best known figures in German football" (AFP, 3/11).
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