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Vontobel Bank Hit With $5M Fine In Former Bayern President Tax Fraud Case

Switzerland's Bank Vontobel announced it must pay €4.5M ($5M) "in connection with a tax case" against former Bayern Munich President Uli Hoeness, according to REUTERS. A spokesperson for the Zurich-based bank said that "the proceedings in Germany against Vontobel were concluded with the payment of the fine." German newspaper Frankfurter Allegemeine Zeitung reported Vontobel had "violated regulatory obligations, citing a judgement in a Munich court which it said concluded the Zurich bank had failed to maintain appropriate oversight." In addition to Vontobel, its banker responsible for Hoeness' finances "was also punished." Senior prosecutor Ken Heidenreich in Munich said that "the banker received a suspended sentence of one year in prison" and a €90,000 ($101,412) fine (REUTERS, 3/18).

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