` President of ` Bayern Munich ‘ Football Club gets `Three Years Six Months ‘ in Jail for Tax Evasion ‘

#AceFinanceNews President of football club Bayern Munich gets three years and six months in jail for tax evasion.

The verdict was handed down by the court in Munich, where the case considered.

According to prosecutors Hoeness had concealed from the state 27,2 million euros. The prosecution asked the court to impose a prison term of five and a half years.

As mitigating circumstances, the court admitted the president of the football club made out acknowledgement of guilt in January last year.

At the same time he had never brought criminal action against before and he fully admitted his guilt.

However the prosecutor Achim von Engel pointed out that confession was not completed and kept not completed data:
In addition, the first day on Monday Hoeness said that he had concealed 18,5 million euros. But then, the prosecution presented completed data, where was already 27,2 million euros.

Hoeness will leave the Presidency of the FC Bayern Munich, one of the most famous clubs in the country.

Reuters – AFP – AP – News Sources


#afp, #ap, #fc-bayern-munich, #hoeness, #munich, #reuters

` Pollution in China gives Employees a pay rise from Panasonic amid concerns about sales tax ‘

#AceFinanceNews Japanese electronics giant Panasonic said Thursday it would give employees sent to China a wage premium to compensate for the country’s hazardous air pollution, in a possible first for an international company according to AFP

The move was part of a wider deal reached in Japan’s annual labour talks which saw major firms, including Panasonic and Toyota, agree to boost workers’ salaries for the first time in years, amid concerns about an economic slowdown after a sales tax rise next month.


#afp, #china, #japan, #japanese, #panasonic, #toyota

` China’s Bank lending halved in February from January amid worries over a `Near-Default’ on `Financial Product Structured’ by `Risky Trust’ Sector’

#AceFinanceNews says China’s bank lending halved in February from January, the government said Monday, amid worries over a near-default on a financial product structured by the risky trust sector.
Domestic banks extended 644.5 billion yuan ($105.0 billion) in new loans last month, up 24.5 billion yuan from the same month last year, the central bank said in a statement to AFP.

The February lending figure fell short of a median forecast of 740 billion yuan, according to a poll of economists by Dow Jones Newswires.New loans had reached a huge 1.3 trillion yuan in January, previous People’s Bank of China figures showed, with analysts attributing the spike to banks front-loading lending at the beginning of the year.

The central bank also said total social financing, a broader measure of credit, was 938.7 billion yuan in February, down 131.8 billion yuan from the same month last year.

“Much of the slowdown in broad credit was in trust loans, perhaps signalling that investors are becoming more wary following the highly-publicised near default in the sector at the end of January,” Capital Economics said in a report Monday.

Early this year, a $500 million investment product structured by China Credit Trust and sold by the nation’s largest bank ICBC avoided default after an unknown party made good on principal payments to hundreds of investors, though they did not receive pledged interest.


#afp, #china, #china-credit-trust, #icbc, #peoples-bank-of-china