Former Deutsche Post boss escapes jail for tax evasion
Tuesday, 27 January 2009, 15:00 IST
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Bochum (Germany): 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.
Source: IANS
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