The first person charged in
Germany's tax-evasion investigation linked to
Liechtenstein bank accounts has been punished with a suspended two-year jail term and ordered to pay €11.9 million ($18.9 million) to charity and the German state, according to media reports.

The defendant, identified only as Elmar S, has admitted to evading paying €8 million in taxes via two foundations he set up in

Liechtenstein. He was convicted after a one-day trial by the

Regional Court in

Bochum,
Germany.

"Many will say this penalty is much too low for someone who evaded an amount that I would never be able to earn in my life,'' said presiding judge Gerhard Riechert. "But without the full and total co-operation of the defendant this trial wouldn't have been possible and we took that into account,” he said.

The case is part of an investigation of about 900 suspects who allegedly hid money in Liechtenstein accounts to avoid taxes in

Germany. The probe was prompted by bank data from LGT Group, the Liechtenstein bank owned by the principality's ruling family. The German government paid as much as €5 million for the information provided by a former LGT employee.

The German investigation has led to tax-evasion probes in about a dozen countries, including the

US.  

Defence and prosecution in the Elmar S case said they will not appeal the verdict.