• Germany's news in English
 

Deutsche Bank co-CEO denies tax fraud charges

Published: 14 Dec 2012 09:56 GMT+01:00

"I'm shattered over the accusations against me. I firmly believe they will prove to be groundless," Fitschen told the mass-circulation daily Bild. "I feel I am being unjustly treated and will defend myself."

Asked whether he would resign over the allegations, Fitschen said, "I see no reason to."

Fitschen made similar remarks in a different interview published in the business daily Handelsblatt.

Prosecutors and tax police raided the offices of Deutsche Bank Wednesday in a probe dating back to 2010, and Germany's biggest lender said both Fitschen and its finance chief Stefan Krause were also being investigated.

Deutsche Bank employees are suspected of destroying documents related to the case, and investigators also say certain essential emails have been kept from them, the Süddeutsche Zeitung reported. The bank denies the claims.

Four Deutsche Bank workers have been taken into custody, while a fifth suspect has been spared for health reasons.

The allegations date back to early 2010 and concern suspected tax fraud in connection with trading in carbon emissions certificates.

Fitschen and Krause are under investigation because they signed off the bank's 2009 valued-added tax (VAT) declaration. He told both newspapers that he felt the prosecutors' reaction was "totally exaggerated."

"As soon as we realised that we'd been duped by fraudulent clients, we corrected the tax declaration. At no point was any tax money unlawfully paid to Deutsche Bank," he said.

Fitschen has been a member of Deutsche Bank's management board since 2009 and took over as co-chief executive, alongside Anshu Jain, earlier this year.

Prosecutors said a total 25 Deutsche Bank employees were being investigated and arrest warrants had been issued for five suspects on suspicion of money laundering and perverting the course of justice.

According to Der Spiegel magazine, the suspects evaded hundreds of millions of euros in tax.

In December 2011, six businessmen - three British citizens, two Germans and one Frenchman - were sentenced to between three and seven years in prison for not paying taxes from trading in carbon emission certificates.

The Local/AFP/bk

The Local (news@thelocal.de)

Your comments about this article

14:35 December 14, 2012 by raandy
Iam sure he hopes the saying 'where there is smoke there is fire" is not the case for him.
13:44 December 15, 2012 by jmclewis
Of Course the accusations are groundless he makes all of his deals in Corporate Jet at 30K feet.
Today's headlines
'Women-only' parking: sensible or sexist?
Photo: Wikipedia

'Women-only' parking: sensible or sexist?

Frankfurt Airport is one of many places in Germany to offer women their own 'bigger and nicer' parking areas. Is this sensible practice or plain sexist? READ  

German offshore wind power breaks records
Turbines at the Norsee Ost farm in the North Sea. Photo: DPA

German offshore wind power breaks records

The amount of new offshore wind energy put on the grid in Germany in the first six months of 2015 has broken all previous annual records for Europe combined, a report released on Thursday shows. READ  

Unemployment hovers at historic low
A construction worker in Berlin. Photo: DPA.

Unemployment hovers at historic low

German unemployment stayed at 6.4 percent in July, the lowest level since reunification almost a quarter century ago, despite an unexpected rise of 9,000 jobless, the federal labour office said on Thursday. READ  

Lifted by cheap fuel, Lufthansa triples profit
Photo: DPA

Lifted by cheap fuel, Lufthansa triples profit

German airline Lufthansa, still reeling from the crash of one of its Germanwings planes in March over the French Alps, said on Thursday it tripled net profit in the second quarter, helped by cheap fuel. READ  

Germany star scores own goal with PR gaffe
Manuel Neuer. Photo: DPA

Germany star scores own goal with PR gaffe

World Cup winning goalkeeper Manuel Neuer has faced a wave of derision on social media since giving a cringe-worthy interview to football magazine Kicker explaining his choice of commercial partners. READ  

Shoot-out near Ku'damm leaves bystander injured
Photo: DPA

Shoot-out near Ku'damm leaves bystander injured

A shoot-out near Germany's most iconic shopping street, the Kurfürstendamm in west Berlin, left an apparently innocent bystander injured after she was shot in the leg on Wednesday evening. READ  

Refugees live in fear of German far-right
A Pegida demonstration in Dresden in May. Photo: DPA

Refugees live in fear of German far-right

It's an astonishing statement for a refugee from war-torn Syria, but Taher has had enough of the xenophobia he has experienced in Germany. READ  

Germany heightens travel warning for Turkey
A view of Istanbul. Photo: DPA.

Germany heightens travel warning for Turkey

The German government has issued more severe warnings about travelling to Turkey after a string of terror attacks in the south of the country, and as Ankara intensifies conflict against two militias in Syria and Iraq. READ  

Fireman turned arsonist jailed for 3 years
Fire services extinguish an unrelated fire in Hamburg in 2011. Photo: DPA

Fireman turned arsonist jailed for 3 years

After a series of arson attacks over several months, an ex-fireman has been sentenced to three years in jail without chance of bail. READ  

Mother slams IKEA for rejecting autistic son
Photo: DPA

Mother slams IKEA for rejecting autistic son

A mother from North Rhine-Westphalia has accused furniture chain IKEA of debasement, discrimination and marginalization – after employees in their Dortmund store refused to let her autistic son into the children's play area. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Politics
Satire and reality blur in parody party's strife
National
13-year-old boy detained for trying to join Isis
Culture
Berlin restaurant serves up Greek Crisis Menu
Rhineland
Doctor on trial after woman wakes in morgue
Society
Six odd things Germans do in the summer
Sponsored Article
Outsourcing drives Apreel's Europe growth
Society
Police bust kinky Bavarian couple over painful love-making
Politics
Merkel brings Palestinian girl to tears
Hamburg
Amateur archaeologist finds Nazi gold hoard
National
Could Merkel learn a lesson in love from this doppelganger?
Travel
Why you should stay in Germany for the summer holidays
Sport
German press tell Schweinsteiger 'good riddance'
National
Hamburg gets a bouncing 100kg baby girl
Society
In North Germany, money sometimes DOES grow on trees
National
Hero mechanics stop Bavaria shooting spree
International
Denmark says that border controls are coming
National
Did hackers take control of German missile battery?
Politics
Munich gives gay pride green light
Business & Money
Berlin rent controls hit prices hard
National
Fighting to breastfeed in public without shame
Society
Ice cream for dogs 'gobbled up in one gulp'
Education
Are hotpants a feminist issue?
Rhineland
Lion cub reunited with mother
National
How the heatwave is cracking Germany's Autobahns
International
Why the French are more sympathetic to Greece than the Germans
Sponsored Article
Crans-Montana: International expat hub
Gallery
Police seize pensioner's WW2 heavy weapons haul
National
How to survive the Europe-wide heatwave
Sport
Is Schweini already out of the door at Bayern?
Politics
How German media shaped the Greece crisis
National
Car assembly robot crushes worker at Volkswagen
Rhineland
Weathermen red-faced over heatwave snow warning
Society
An eye for an eye? Mum protects child in playground with pepperspray
National
As it happened: Queen Elizabeth's final day in Germany
National
As it happened: Queen Elizabeth's second day in Germany
National
Queen Elizabeth II's first day in Germany - as it happened
National
Bus passengers tell fake racists where to get off
Politics
What's really in the Queen's handbag?
National
Germans say USA doesn't respect freedom
National
Yes, you CAN buy adult e-books before 10pm in Germany
VIDEO: Watch a 93-metre turbine crash to earth in slow motion
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

7,175
jobs available
Toytown Germany
Germany's English-speaking crowd