Audits reveal Deutsche Bank’s links to tax trade scandal
07 Jan 2019

There are “lots of indications” that some managers discussed “the reputational risks” of Deutsche Bank’s involvement in a share-trading scheme that is the subject of Germany’s biggest post-war fraud investigation, according to a conclusion in one of five internal audits seen by Reuters.

The bank issued tax certificates for withholding tax that had never been deducted and made loans to clients to allow them to participate in the scheme to claim tax rebates, according to the audits.

German prosecutors say the scheme’s participants misled the government into thinking a stock had multiple owners on its dividend payday who were each owed a dividend and a tax credit, according to court documents.

– By John O’Donnell, Tom Sims, Reuters, 4 January 2018.

Link to Reuters.

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