LGT Group controversies

LGT Treuhand client data case

German tax authorities investigated hundreds of clients of former LGT subsidiary LGT Treuhand after receiving data allegedly stolen from the business. The information concerned suspected offshore tax evasion and was shared with authorities in several other countries. LGT said that a data theft had occurred at the subsidiary in 2002 and identified Heinrich Kieber as the suspected perpetrator. In December 2010, proceedings against LGT Group and LGT Treuhand were discontinued in exchange for a payment reported at approximately EUR 46 million; the discontinuation was not an admission of guilt.