German prosecutors have accused Klaus Zumwinkel, one of the country’s most prominent business executives, of tax evasion. Zumwinkel is the chief executive of Deutsche Post and head of the supervisory board of Deutsche Telekom.
Zumwinkel was questioned and released by investigators after posting bail. He is suspected of evading 1 million euros (worth $1.45 million as of today at 4pm) in tax. He reportedly did so by funneling money through investment vehicles in Liechtenstein.
Prior to Zumwinkel’s questioning, police raided his home in Cologne and his office at the Post Tower in Bonn.
Speculation that Zumwinkel would step down this year from Deutsche Post had already been circulating after a series of disastrous economic reports. I think we can pretty safely say that if he doesn’t, it will be done for him.
