Monday, November 21, 2016

Deutsche Bank Chairman of the Supervisory Board : Second term for Paul Achleitner in sight – business week

insider according to reports, the Supervisory Board Paul Achleitner has been nominated at the end of October for a further term of office as Chairman of the Supervisory Board. However, all the major shareholders are still not convinced.

Deutsche Bank Supervisory Board Chairman Paul Achleitner to the support of the Supervisory Board for a second term, according to Reuters information. The 60-Year-old had already been to a meeting at the end of October, nominated, said on Sunday, an Insider with knowledge of the deliberations in the Supervisory Board. Not all of the major shareholders of the hiring decision be sure. However, it should be clear to all that the Bank will need, in view of their difficult situation of continuity at the top. The decision about a further term of office of the Austrian, who has headed the Board since 2012, the annual General meeting. On the re-nomination of the German press had initially Agency reported.

As the Insider, you must fear Achleitner in addition, in connection with the Manipulation of the benchmark interest rate Libor by traders the Bank has no legal repercussions. An internal investigation revealed no evidence of a breach of duty Achleitner. At the beginning of the year current investigation, it was not a question of whether Achleitner was part of the reason that the Bank had to pay around 100 million pounds more to the UK’s financial services authority, as originally advised, because it cooperated in the investigation with the authorities.

Would be detected Achleitner a breach of duty, would have threatened him may have damages in the millions. The authorities in the UK and the USA had ended up in the Deutsche Bank due to the Manipulation of Libor – a benchmark interest rate, to the worldwide financial transactions in the trillions of dollars – a record fine of $ 2.5 billion. Deutsche Bank declined to comment neither to the information about the preliminary decision on Achleitner future to its discharge into the Libor affair. This had first reported the “Süddeutsche Zeitung” (Monday edition).


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