German authorities raided Deutsche Bank AG’s headquarters as well as the home of former co-chief executive officer, Juergen Fitschen, as part of a vast investigation of the controversial Cum-Ex transactions that’s embroiled some of the world’s most ...
Cologne prosecutors began inspections at the bank’s Frankfurt premises on Tuesday, the lender said, adding that the raid is part of an ongoing investigation pending since 2017, in which the company is fully cooperating.
In its sweeping Cum-Ex probe, Cologne has spent most of the year searching German offices of international banks. Officials raided Barclays Plc’s Frankfurt offices in March days after Bank of America Corp.’s Merrill Lynch premises were hit. Morgan Stanley’s offices were searched in May and JPMorgan Chase & Co. in August. A total of 1,500 people are being investigated by Cologne prosecutors.
Deutsche Bank has long been caught up in the Cum-Ex scandal. in 2020, it disclosed that five former management board members are under investigation in the tax evasion probe. A year earlier, people familiar with the Cologne probe said that it looked at 80 suspects like to Deutsche Bank, including former co-Chief Executive Officer Josef Ackermann and former investment banking chief Garth Ritchie.
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