As expected, former Deutsche Post CEO Klaus Zumwinkel received a two-year suspended sentence for his Liechtenstein tax evasions this Monday in Bochum, Germany. He will also have to pay a 1 million euro penalty that will go in part to charities.
Because part of the charges (2001 charges) fell under a statute of limitations, he could not be charged for the 1.2 million euros he had evaded, but only for 970.000 euros. Under a relatively new German law, there is a mandatory two-year sentence for an amount over 1 million dollars.
In the verdict the presiding judge considered Zumwinkel’s confession, his “truthful regret”, and the fact that he “readily cooperated” and had paid back around 3.9 million euros in taxes. He also cited the former CEO’s important “lifetime achievements”.
Many Germans are disappointed that - despite tightened tax law - Zumwinkel got away with a penalty and probation and feel that the outcome of the trial was arranged.
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