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. Last Updated: 07/27/2016

Pay Tax, CS Group Told

TOKYO -- Japanese tax authorities ordered the scandal-ridden Credit Suisse Group to pay millions of dollars in taxes it allegedly evaded by hiding profits from illegal dealings, Japan's national NHK broadcaster reported Wednesday.

The Financial Supervisory Agency in July revoked Credit Suisse's Japanese banking license because it helped Japanese firms hide losses, then obstructed investigations. As the case progressed, Tokyo tax officials discovered that Credit Suisse hid 2.5 billion yen ($23 million) in profits from the shady transactions, and ordered the bank to pay 1 billion yen in back taxes, NHK reported.