Deutsche Bank said its offices in Frankfurt were searched on Tuesday by German prosecutors in connection with a criminal tax-fraud probe.
According to people familiar with the matter, the German prosecutors are focused on a type of dividend-arbitrage strategy known as “cum/ex” which was undertaken using dividend-paying German shares.
Investigators probe serious tax fraud
A Deutsche Bank spokesman, Christian Streckert, said prosecutors in Frankfurt conducted the raid, though no bank employee was accused of wrongdoing. A spokesman for the Frankfurt general prosecutor’s office, Alexander Badle, confirmed that raids were conducted.
However, prosecutors haven’t brought forward any allegations against the bank’s current staff, though a person familiar with the investigation...
Login required to continue reading.
Setup a free account to get access to this article (no credit card required).
View Full Article
