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Swiss lender ZKB says progress on U.S. tax case stalled

Published 02/09/2018, 05:21 AM
Updated 02/09/2018, 05:31 AM
© Reuters. CEO Scholl of Swiss Zuercher Kantonalbank addresses a news conference in Zurich

ZURICH (Reuters) - Swiss lender Zuercher Kantonalbank's tax case with U.S. authorities is stalled without a resolution in sight, its chief executive told journalists on Friday, virtually mirroring comments he made a year ago.

"We couldn't make progress in 2017," CEO Martin Scholl said at a news conference where he detailed last year's earnings. "We're ready at any time, but we don't know when that will be."

The U.S. Department of Justice is investigating government-owned ZKB on suspicion of helping wealthy Americans evade taxes. Two ZKB employees pleaded not guilty in 2016 to helping people hide hundreds of millions in offshore accounts.

© Reuters. CEO Scholl of Swiss Zuercher Kantonalbank addresses a news conference in Zurich

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