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Answers to frequently asked questions

1. LGT is in the headlines. What has actually happened?

The media is linking LGT with a case of tax evasion in Germany. It is alleged that the authorities have come into possession of confidential data about LGT clients. The fact is that client data was stolen from LGT Treuhand in 2002 by an employee at that time. The theft was immediately reported as a criminal offence and a court sentence was passed on the offender at the end of 2003. Based on contacts between the parties, the data material was supposedly returned in full. On the basis of the facts at the time, LGT Treuhand regarded the case as closed. Over the last few days, signs have become clearer that parts of the data stolen in 2002 have been illegally disclosed.

The stolen data material contains information about client relationships of LGT Treuhand in Vaduz, which were established prior to 2003. Clients, who have a business relationship only with LGT Bank (and not with LGT Treuhand), as well as all client relationships established from 2003 onwards with companies of LGT Group, are not affected by this theft of data.

The assumed link between the data stolen in 2002 and the situation currently being discussed in the media cannot at present be conclusively substantiated or confirmed.

2. How did German investigators get their hands on client data of LGT Treuhand?

The media reports that at the beginning of 2006 an informant offered the data to the German federal intelligence service and received money for them. We do not know if this is correct.

3. In the media, the talk is that client relationships up to 2005 are under investigation. Can it be that further client data has been taken from LGT after the data theft in 2002?

After the theft of client data from LGT Treuhand in 2002 security precautions to protect the private sphere of clients were enhanced to conform to the latest technology.  We have no grounds to believe that further client information has been stolen. 

4. Has LGT committed an illegal offence?

No, the companies of the LGT Group conduct their business affairs in accordance with the legal and regulatory provisions.

5. Have the German authorities made contact with LGT?

 No, so far no German authority has made contact with us.  We are in contact with the Liechtenstein authorities responsible for us and we have, of course, informed them of everything we know at present.

6. As a client of LGT Bank need I be afraid that my client data was included in the data material stolen in 2002?

If you have a relationship only with LGT Bank – irrespective of whether that is in  Liechtenstein, in Germany or in Switzerland  –, but not with LGT Treuhand, you are not affected by the data theft in 2002. 

If, besides the LGT bank relationship, you also have a relationship with LGT Treuhand, but you opened this only in 2003 or later, your name is also not listed in the data material stolen in 2002.

If you have a relationship with LGT Treuhand that you established prior to 2003, it is possible that your name was contained on the stolen data list. In this case, we recommend that you contact your client advisor at LGT Treuhand.

7. Can you be certain that a case such as the theft of the data in 2002 will not happen again?

Over the last few years, LGT Group has continually enhanced its security measures to conform to the latest standards – precisely on the basis of the experience gained with the incident in 2002 – in order to protect the private sphere of its clients. This applies to both technical measures, e.g. more restrictive access to sensitive data or the encryption of data, as well as to the human element.

There are no grounds to indicate that client information has been stolen since 2002.

8. What do you think of the fact that the German intelligence service has paid a large amount of money to acquire stolen client data and use them against their own citizens?

We have only read about this in the press and we have no comment to make on the matter. Important issues of this nature must be addressed at a political or judicial level.

Status: February 19, 2008

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Data theft 2002: Information for our clients and interested readers