Finances Billionaire Urs E. Schwarzenbach settles Zurich tax debts

Billionaire Urs E. Schwarzenbach has settled his tax debts with the canton of Zurich. All proceedings have been concluded, according to a statement from the Schwarzenbach family office.

A spokesperson for the Zurich Department of Finance confirmed to the Keystone-SDA news agency on Tuesday that the outstanding tax matters had been resolved.

The canton of Zurich is likely to receive a three-digit million sum as a result. Art collector Schwarzenbach, who owns the Dolder Grand luxury hotel in Zurich among other properties, had unsuccessfully appealed to the Federal Supreme Court against back payments amounting to more than 200 million francs.