Citicorp reportedly spared action in alleged tax twist

Citicorp disguised $46 million in profits in a seven-year scheme which violated foreign tax and currency laws, a Securities and Exchange Commission enforcement staff found, but the SEC declined to take action against the world's largest foreign exchange dealer, the New York Times reported.

A three-year inquiry by the staff showed that between 1973 and 1980 the bank shifted funds from Citicorp branches in Europe to a Bahamas branch to escape high European taxes on profits. According to the Times, SEC documents show that high-level commission officials overruled the findings, regarding the violations as ''insignificant and harmless.''

Citicorp issued a statement saying that its ''trading practices and procedures were basically proper.''

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...