(AWP) Zürcher Kantonalbank (ZKB) can finally put the tax dispute with the US authorities on file. The bank announced on Tuesday that its so-called deferred trial agreement (DPA) has been finalized.
The statement stated that the Attorney General for the Southern District of New York has stated that the bank has fully fulfilled its obligations under the Darfur Peace Agreement over the past three years. Accordingly, the panel requested the court to dismiss the pending indictment. This request was granted by the competent US court in New York.
DPA is the process of granting a reprieve – with a “trial period” and recurring payment. When the Darfur Peace Agreement was concluded in 2018, the ZKB agreed to pay $98.5 million. At the time, it also confirmed that it had gradually adapted its cross-border asset management business since 2009 and that it was adopting a tax-compliant business policy.
“We have worked closely with the authorities for the past three years and comply with all regulatory and legal requirements; Accordingly, we are pleased to note this decision,” said Martin Scholl, CEO of ZKB.
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