business
Tuesday 09 December 2014
The German bank can not make it out of the negative headlines: The United States sued Germany’s largest financial institution for tax fraud on a grand scale. $ 190 million calls for the Attorney General for the network of “shell games.”
New trouble for Germany’s biggest money home: the US, the German Bank have sued for alleged tax evasion in the hundreds of millions, as Attorney Preet Bharara announced. The Institute was trying fraudulently to funnel money through a network of air bookings and bogus companies on the US Treasury over to the prosecution.
“It was nothing more than a shell game,” Bharara said. The dreaded New York Attorney General Calls for $ 190 million (154 million euros) compensation from the Deutsche Bank and its putative allies, including the US Department Wells Fargo. A spokesman for Deutsche Bank could not be reached for comment first.
For the German bank not the first time
The financial institution was in Germany already on similar charges the attention of the public prosecutor advised. About two years ago 500 investigators had conducted a raid on Frankfurt headquarters. Five employees of the bank had been temporarily taken into custody. Was determined on suspicion of serious tax evasion, money laundering and attempted obstruction of justice in the trading of pollution rights.
Also, because of involvement in illegal price fixing in the foreign exchange market, manipulations of the pioneering for the financial markets reference interest rate Libor and dubious mortgage transactions before the financial crisis must or if the Bank had to answer. In the Libor scandal is expected in the next few months with an agreement. Also in the confrontation with the US authorities to manipulated prices on the currency market, the Institute has not yet clear. Some US banks were already occupied with billions penalties.
Three billion reserve
More about
Currently, the German bank has covered three billion euros for legal risks. More exposure to litigation to which the Bank has made no provision could be added. The institute gave them in the most recent quarterly report with 1.7 billion euros.
At the very least must co-chief Anshu Jain according to a press report no personal consequences in the Libor scandal fear. The final report of the Financial BaFin will relieve the manager, told the “Handelsblatt”. The Authority has come to the conclusion that there was no evidence that board members were involved in the rate-fixing or knew of them, the newspaper writes, citing financial circles.
Source: n-tv.de
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