Featured Germany

Brussels bypass US sanctions to send medical aid to Iran

The alternative financial system set up by the European Union to bypass US sanctions on Iran has had its first success 15 months after it was proposed. Britain, France and Germany were able to export medical goods under the Instex system. The Foreign Office said: “These goods are now in… Read More

Deutsche Bank Says Five Ex-Board Members Probed Over Cum-Ex

Deutsche Bank AG said five former management board members are under investigation for tax evasion, days after the first two bankers were convicted in Germany’s long-running Cum-Ex scandal. The bank disclosed the information in its annual report Friday without identifying the board members. The bank said it may also… Read More

London Bankers Avoid Jail Time in First German Cum-Ex Trial

Two former London investment bankers were convicted of tax evasion at Germany’s first trial over so-called Cum-Ex trades in a landmark ruling that could lead to hundreds more cases. The bankers, Martin Shields and Nicholas Diable, were able to avoid jail by cooperating with prosecutors. The Bonn court gave both… Read More
12th March 2020
The two former investment bankers standing trial in Germany over their role in controversial dividend-tax deals have sought to avoid jail time by cooperating with authorities. Now the pair face another threat: a massive, 207 million euros ($233 million) tax bill slapped on them by the Federal Tax Office. Martin… Read More
12th March 2020
US shareholders are suing current and former Deutsche Bank board members for what they describe as an “unprecedented litany of wrongdoing” by the lender’s leadership, including its failure to prevent financial crime, the Financial Times reported Wednesday. The lawsuit, filed to New York’s Supreme Court, names Deutsche CEO Christian… Read More
10th March 2020
Anyone who experienced it will still remember the euphoria that gripped Germany at the time. Brilliant weather, full stadiums and the triumphant public viewings in squares, streets and pubs across the land. The fact that the German team failed to win the tournament hardly dampened the mood. From then on, June and July… Read More
3rd March 2020
Bank of England officials have voiced concerns that Deutsche Bank is failing to improve its anti-money laundering (AML) and compliance controls and have warned the German lender that it could lose access to the UK market following Brexit, the Financial Times reported Monday. The bank’s latest compliance troubles come… Read More
28th February 2020
German law enforcement officials descended upon ABN Amro NV’s offices in Frankfurt for a second time in three months to probe the bank’s involvement in a tax scandal that’s ensnaring a rising number of companies. Police cars were parked in a line outside the offices of the Dutch bank… Read More
26th February 2020
M.M. Warburg & Co.’s headquarters exudes the aura of a fortress that has withstood the tumultuous twists of German history for centuries. The ornate sandstone structure survived the bombs that rained down on Hamburg starting in 1941. One shell hit the roof but bounced off a metal beam, limiting… Read More
19th February 2020
Deutsche Bank is facing the potential departure of dozens of contractors working for a London-based compliance team after the bank demanded that its freelance workers take a 25-percent pay cut in response to UK tax reforms, the Financial Times reported Sunday. The bank revised its hiring policy on freelancers… Read More
10th February 2020
A German businessman charged with evading U.S. taxes as part of an investigation sparked by a trove of leaked documents known as the Panama Papers will plead guilty, federal prosecutors said. Harald Joachim von der Goltz, a former U.S. resident who was indicted along with three others in 2018… Read More
5th February 2020
One day in early 2017, Mike Offit went to the Yale Club in Manhattan for a lunch hosted by a group called Business Executives for National Security. Offit, who has a craggy face and shoulder-­length hair, had spent much of his career in banking, but that had ended nearly two… Read More
4th February 2020
Fallout from the Airbus bribery scandal reverberated around the world on Monday as the head of one of its top buyers temporarily stood down and investigations were launched in countries aggrieved at being dragged into the increasingly political row. Airbus agreed on Friday to pay a record $4 billion in… Read More