American Tax Officer-Chapter 550 - 278: Aren’t You Afraid of Spoilers?_2

Chapter 550: Chapter 278: Aren’t You Afraid of Spoilers?_2

Yamarin’s brows furrowed slightly, but he didn’t dare to treat the matter lightly and immediately picked up the documents to review.

A few minutes later, as line after line of information entered his field of vision, beads of sweat also continuously broke out on his forehead.

David was right, these were indeed the details of one of their clients.

And this client had purchased the CUUO product.

The pattern of this product involved selling and repurchasing on the same day dividends are distributed from stocks, because the trading time is very short, tax authorities are unable to determine who exactly owns the stock ownership.

But on the current document, not only the owner of the stock ownership had been identified, but even which country’s and which company’s services the owner had utilized for the operation were detailed.

It can be said that once this document is made public, it would definitely serve as incriminating evidence against UBS Group for suspected tax evasion!

Humphrey, seeing Yamarin’s expression turn so unsightly, also realized that the situation was grim, and immediately reached out to review the documents himself.

However, very quickly, after browsing through once, Humphrey’s expression turned as ugly as Yamarin’s had been.

The CUUO product had undergone multiple tests before its release; forget about manpower, even the most powerful computer and the strongest regulatory system couldn’t possibly trace the stock ownership, the owning institutions, and the owners after each dividend distribution.

So why could the ownership, institutions, and individuals be identified so clearly in the document that David had provided?

Humphrey racked his brains but couldn’t figure it out. Then he turned to look at David and asked, “Director David, where did you get this document from?”

“Do I need to tell you that?”

David leaned back, his arms crossed over his chest, looking very confident.

“This…”

Humphrey was choked by these words.

But he also suddenly realized that his question was a bit foolish.

Yes, why should David tell him?

And what right has he to be told?

“Director David, what I want to know is, regarding such client information, how many copies do you have in your possession… right now?”

This time, it was Yamarin who spoke.

If they only had one or two such pieces of evidence, although it would be compelling evidence of UBS Group’s illegal tax evasion, UBS Group was still confident that they could smooth things over.

Even if they couldn’t smooth it over, it wouldn’t result in a crippling blow.

But if David held dozens or more, then it wouldn’t be so easy for UBS Group to extricate itself.

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That is exactly what he urgently wanted to clarify now.

“I can have every single client who bought this product!”

“What! Director David, what do you mean by that?”

Yamarin and the rest of UBS Group’s legal department were all startled.

Every single one?

As mentioned before, the number of American clients who have purchased these two major products had reached tens of millions.

Could David really have such detailed information on every single one?

That would be far too outrageous!

“No other meaning, just what the words themselves mean!”

Hearing David’s firm statement, Yamarin, Humphrey, and a few others exchanged glances. Then Yamarin spoke up, “Director David, if the Swiss National Bank goes under, it’s not just us who’ll be in trouble.”

“What do you mean by that?”

David questioned in return.

“It’s simple, we hold 26 percent of the world’s cross-border assets, with the largest proportion coming from America. In other words, if we collapse, the resulting chain reaction will affect you the most!”

“If a financial crisis were truly triggered, all of your people will be out of jobs and laid off, and then your tax revenue would plummet.”

“And when your people lose their jobs, the government will inevitably have to issue a large amount of unemployment benefits. But where is that money going to come from?”

“Of course, it will be drawn from the tax coffers of your Internal Revenue Service!”

“At that time, what your Internal Revenue Service will face is not only an inability to collect enough taxes but also the need to make substantial expenditures. So, if things go poorly, your Internal Revenue Service might even go bankrupt.”

“Have you really not considered such consequences?”

This was a strategy that Yamarin and his colleagues had already thought of on their way.

After all, Swiss Bank controlled 26% of global offshore assets, which was a significant bargaining chip for them.

And if the Swiss Bank really did collapse, America and even the Internal Revenue Service would be affected, was that not something that Director David would dread?

Even if he did not dread it, would he not have to make some concessions?

After finishing these words, Yamarin and his colleagues fixed their gazes on Director David’s face, hoping he would show a hint of dread or concern.

However, to their disappointment, not only did Director David’s face not show any hint of dread or concern, but he maintained his smile and even ridiculed, “Is there anything else you would like to add, Mr. Yamarin?”

“You…”

Hearing such a casual response, Yamarin Humphrey and the others nearly burst out with expletives.

Was Director David’s head really that hard?

Was he actually not afraid of triggering a financial crisis?

Or the depletion of the Internal Revenue Service’s tax coffers?

In fact, it wasn’t that Director David wasn’t afraid of these things; he simply thought that Swiss Bank likely worried about a collapse more than he did.

And once a collapse occurred, those Jewish people, Angsa people, and oligarchs from various countries who had their money in Swiss Bank would probably want to settle accounts with Swiss Bank’s senior management first thing.

And now, he held all the cards on his side; there was no need to be timid and let the other party lead him by the nose.

“Director David, since we’ve talked this much, why don’t you give us a clear answer? What exactly do you want?”

Yamarin slightly lowered his stance.

This was also a move out of helplessness, using the threat of triggering a financial crisis as a result of a collapse was the best bargaining chip they could think of at the moment.

But Director David obviously believed that they dared not escalate the situation to an outright confrontation, so their only choice was to lower their stance and negotiate further.

“To be frank, I don’t want to take Swiss Bank Group to court because that would simply be a waste of my time…”

Hearing this, Yamarin and the others sighed with relief.

Given what Director David currently held over them, of course, they did not want to go to court; reaching an out-of-court settlement was the most desirable outcome.

“So, as long as you admit to CUUI and CUUO’s tax evasion and pay a fine for tax evasion, and in addition, cooperate with the transfer of the Sackler family’s assets, you can resume operations in America. And, our dispute with the Internal Revenue Service will be put to rest.”

Upon hearing Director David’s words, the faces of Yamarin and the others instantly turned the color of liver.

Admitting to CUUI and CUUO’s wrongdoing and paying a tax evasion fine was certainly painful for Swiss Bank, but to be able to restart the group’s branch operations in America was barely acceptable.

But to transfer the Sackler family’s assets was akin to smashing their own brand, which for Swiss Bank Group was unacceptable.

“Director David, as you know, reputation is extremely important for a bank. Our Swiss Bank’s foundation is the assurance of credibility…”

“Don’t give me that, I only want to hear whether you agree or refuse!”

Director David interrupted Yamarin before he could continue.

“…”

Yamarin’s face darkened and he fell silent, and the other members of Swiss Bank Group’s legal department also found themselves speechless.

The atmosphere remained tense for a full two minutes until Humphrey spoke up, “How about this, Director David, this matter is of great significance, we need some time to consider, what do you think?”

“Go ahead, you have one day to think it over. I have a lot of work to do, and you must give me an answer by tomorrow!”

Although they were internally dissatisfied with Director David’s uncompromising words,

they were, after all, in his territory, and since they were now in a vulnerable position, how could Humphrey and the others dare to object too much? They left the office with grim expressions on their faces.