Deutsche Bank offices raided amid tax evasion inquiry
Source: The Gaurdian
Deutsche Bank co-chief executive Jürgen Fitschen has been drawn into a widening tax evasion investigation related to carbon trading at Germany's biggest lender as hundreds of police and tax inspectors raided the bank's offices.
Prosecutors said they were investigating 25 staff on suspicion of tax evasion, money laundering and obstruction of justice, and searched the headquarters and private residences in Berlin, Düsseldorf and Frankfurt.
"Two of Deutsche Bank's management board members, Jürgen Fitschen and Stefan Krause, are involved in the investigations as they signed the value-added tax statement for 2009," the lender said. In 2009, Fitschen was Germany chief and Krause was chief financial officer, a post he has retained.
...The raids mark a setback for Deutsche's efforts to polish its image. The bank is struggling with lawsuits in the US and UK connected to allegations of Libor manipulation and the mis-selling of subprime assets during the 2007-09 financial crisis.