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Bayern chief's tax dodge 'millions more' than admitted

The legal troubles of Bayern Munich boss Uli Hoeness deepened on Tuesday as the alleged scale of his tax fraud grew by millions more in a high-profile trial in Germany. Hoeness, who is fighting to avoid a jail term, now stands accused of having dodged 27.2 million euros ($37.6 million) in taxes by hiding his wealth in secret Swiss bank accounts. The figure was a jump from the 18.5 million euros Hoeness had confessed to at the trial's opening Monday, which was itself almost five times more than prosecutors had assumed.

Bayern boss Hoeness 'hid evidence for a year'

Bayern Munich boss Uli Hoeness faced damaging testimony in a tax trial Tuesday when an official charged the German football legend had withheld incriminating evidence for over a year. New twists and additional witnesses will likely extend the high-profile trial -- in which Hoeness faces a possible jail term -- beyond this week, said a court spokeswoman. Hoeness, 62, in a shock confession told the opening of the trial on Monday that he used Swiss bank accounts to cheat on 18.5 million euros ($25.5 million) in taxes, almost five times the amount prosecutors had assumed.

Bayern boss Hoeness goes on trial for tax evasion

By Jörn Poltz MUNICH (Reuters) - Bayern Munich president Uli Hoeness, once one of Germany's most admired soccer managers, heads to court on Monday to face charges that he dodged taxes in a case that shocked the German public and spurred others to turn themselves in.

Italy court acquits four international banks of fraud

An Italian appeals court acquitted international banks JP Morgan, UBS, Deutsche Bank and Depfa Bank on Friday of fraud in the sale of derivative instruments, Italian media reported. The Milan court judge's decision overturned a 2012 ruling which ordered the seizure of 89 million euros ($213 million) and sentenced each bank to pay a 1.0 million euro fine. Nine bank employees who had been given suspended jail sentences of up to eight months were also acquitted.

Doctors slam portrayal as 'tax cheats' in Philippine govt ad

Furious Philippine doctors Wednesday demanded the government withdraw newspaper advertisements which they claimed portrayed them as tax cheats, days after Manila launched its latest campaign against tax-dodging in the private sector. The government ads, which ran in newspapers on Sunday, showed a female teacher lecturing in front of her class with a woman in a medical suit holding a doctor's clipboard sitting on her shoulders.

Doctors slam portrayal as 'tax cheats' in Philippine govt ad

Furious Philippine doctors Wednesday demanded the government withdraw newspaper advertisements which they claimed portrayed them as tax cheats, days after Manila launched its latest campaign against tax-dodging in the private sector. The government ads, which ran in newspapers on Sunday, showed a female teacher lecturing in front of her class with a woman in a medical suit holding a doctor's clipboard sitting on her shoulders.

Birmingham City owner Carson Yeung guilty of money laundering

Birmingham City owner Carson Yeung was on Monday found guilty of three counts of money laundering by a Hong Kong court. The 54-year-old businessman had denied laundering HK$720 million (US$93 million) between 2001 and 2007. ac/jom

Swiss prosecutor opens money laundering probe into Yanukovich

ZURICH (Reuters) - A Swiss prosecutor has opened a money laundering investigation into ousted Ukrainian president Viktor Yanukovich and his son Oleksander, the prosecutor's office in Geneva said in a statement on Friday. "A penal investigation for severe money laundering is currently being conducted in Geneva against Viktor Yanukovich and his son Oleksander," the prosecutor's office said in the statement, adding it had opened the probe on Thursday.

Newmont to cut additional 500-600 jobs at Ghana mine: official

By Kwasi Kpodo ACCRA (Reuters) - Newmont Mining Corp <NEM.N> plans to cut up to 600 jobs at its Ghana gold mine by June this year, its local manager said on Monday, citing an ageing facility and slumping gold prices. Global gold prices slumped 28 percent last year. They have recovered around 4 percent so far this year, benefiting from risk-aversion on fears of capital flight from emerging markets following the U.S. Federal Reserve's move to taper its stimulus.

Tip-offs lead to 1.32 trillion won more in collected tax: NTS

SEJONG, Feb. 24 (Yonhap) -- Tip-offs from the public enabled the state tax agency to collect 1.32 trillion won (US$1.2 billion) more in taxes last year, agency officials said Monday. According to the National Tax Service (NTS), the agency received 18,770 tips from citizens on suspected tax evasion. This is 69.3 percent more than the preceding year's 11,087. The amount of collected taxes is 152.9 percent more than 522.4 billion won tallied a year earlier, it said.
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