Coutts denies having Bin Laden cash in Cayman

| 24/06/2014

(CNS Business) Updated: More than 14,000 files from the Cayman offices of the private bank Coutts have been seized by the German authorities in a tax evasion investigation. Following the closure of the bank’s Cayman Islands branch when its parent company, the Royal Bank of Scotland, sold it to Appleby Global, the documents were shipped to Germany bound for the bank's data centre in Geneva. The bank has, however, denied any connection to Osama bin Laden, the former al-Qaeda leader, or his immediate family following allegations that the files in question contained details of the infamous terrorist's cash. Read more on CNS Business

Appleby has clarified that it bought a tranche of fiduciary business from Coutts last year. "The recent shipment of documents from Coutts's residual business in Cayman has nothing to do with this transaction, and Appleby was not involved in the shipment," the firm stated. 

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