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Credit Suisse: Ending U.S. tax dispute ‘top priority’

By Korea Herald

Published : May 11, 2014 - 20:11

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ZURICH (AFP) ― Swiss banking giant Credit Suisse said Friday that resolving a dispute with Washington over its past assistance to U.S. tax dodgers was a top priority.

Chairman of the Credit Suisse board, Urs Rohner, opened a general assembly meeting in Zurich by assuring shareholders the bank was doing everything in its power to bring the crippling dispute to an end.

“The resolution of the tax dispute is one of the most pressing issues currently facing Credit Suisse,” Rohner told the assembly.

Credit Suisse is one of 14 Swiss banks under criminal investigation by the U.S. Justice Department on suspicion they helped wealth U.S. clients hide billions of dollars in assets from tax authorities.

Switzerland’s second-largest bank is expected to soon be slapped with fine of at least $1 billion and could face criminal charges.