ZURICH--Swiss prosecutors Thursday said they have started an
investigation into the theft of bank data at Swiss bank Julius Baer
Gruppe AG (BAER.VX) that was allegedly bought by German authorities
trying to crack down on suspected German tax dogders.
The office of the General Attorney also said a suspect has been
arrested in connection with the case, but declined to provide
additional information.
Julius Baer said it was not in a position to comment on ongoing
legal proceedings. Chief Executive Boris Collardi confirmed in a
recent interview with the Swiss daily SonntagsZeitung that the bank
had fallen victim to data theft. A spokesman at the bank confirmed
Mr. Collardi's comments.
Local reports say the compact disc containing data of Julius
Baer clients was sold by a Zurich-based employee of the bank to
German authorities.
Germany and Switzerland became embroiled in a major row in 2010
when German authorities raided branches of Credit Suisse Group AG
(CS) in 13 German cities after buying data on suspected tax
dodgers.
Switzerland reacted angrily, saying the data--bought for a
reported 2.5 million euros ($3.1 million)--were stolen in violation
of its banking secrecy laws.
A tax treaty between the two countries still has to be ratified
by the upper house of the German parliament, where majority
opposition social democrats and Greens consider it to be too soft
on evaders.
Write to Marta Falconi at marta.falconi@dowjones.com
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