October 11, 2013 / 10:36 AM / 6 years ago

Raiffeisen's Stepic investigated in tax case

VIENNA, Oct 11 (Reuters) - Austrian prosecutors have opened an investigation into suspected tax evasion by Raiffeisen Bank International’s former chief executive Herbert Stepic, they said on Friday.

Stepic stepped down from emerging Europe’s second-biggest lender in May in what he called an effort to spare the Austrian bank from damaging publicity over personal property deals.

He has denied any wrongdoing in using front companies in the Caribbean and Asia to buy flats in Singapore in 2006 and 2008 but said he decided to quit out of loyalty to Raiffeisen.

“An investigation has been launched based on a voluntary report,” a spokeswoman for Vienna prosecutors said, confirming a report by the newspaper Die Presse. Voluntary reports refer to corrected tax returns that people file.

Stepic, who still works as an adviser to Raiffeisen, was not immediately available to comment. Raiffeisen declined to comment. (Reporting by Angelika Gruber and Michael Shields)

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