German Bank to process CO2 rights is difficult in transition – Reuters Germany

Frankfurt with a flood of requests partiality of tax fraud trial of seven former and current employees of Deutsche Bank has started on Monday before the Landgericht Frankfurt.

The 2nd Great Economic Criminal Court tried doing to clarify the role played by the institution in a VAT carousel, with the 2009 and 2010 within a few months EUR 220 million were evaded in taxes. The presiding judge Martin Bach did not come on the determination of the identity of the accused in age from 34 to 65 out initially. Four of the accused hold him and his two assessors for biased. In addition, their defense questioned the competence of the Chamber. Bach will initially continue to negotiate anyway.

Bach had in 2011 first CO2-fraud process led, been in the condemned six distributors of CO2 pollution rights to long prison terms that their businesses had handled through the German Bank. The defenders throw Bach before he had prejudged now accused in a ZDF broadcast on the scandals in Germany’s biggest money home. In addition, the lawyers laid bare the contents of a preliminary meeting, had been promised in the four of the original eight defendants against a full confession probation. The four senior manager at Deutsche Bank, should generally also go up to nearly four years in prison if they conceded the accusations.

“BAND PERIODIC TAX EVASION”

The prosecution denominated in “gang-fraud”. The fraudulent merchant had the German Bank weighed heavily in their process four years ago. They were received with open arms – unlike other banks.

Until the end of May so far 26 days of hearings are scheduled, the first witnesses are to be heard in mid-March. Two defendants are still on the payroll of the Institute, but are suspended from duty. The former most senior indictee has retired. The German bank had refunded every goal wrongly tax to the tax office.

The prosecutors throw the bank employees to have enlisted the CO2 dealerships in 865 pages thick indictment before and passed on suspicions only fragmentary to supervisors and internal control bodies. Otherwise lucrative for the German banking transactions could have been prevented earlier.

The money house had promoting trade with CO2 pollution rights taken up the cause, as the federal government, the certificates in 2009 distributed to the industry. But the trade attracted fraudsters who wanted to make use of the fact that the papers were subject to VAT. They led the certificates exempt from abroad and sold them in Germany. But they made tax claims from the tax office, which had never been paid. At the end of the papers were always sold to the German bank, which they transferred abroad.