• Germany's news in English
 
app_header_v3

Deutsche Bank co-CEO denies tax fraud charges

The Local · 14 Dec 2012, 09:56

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.

Story continues below…

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
Analysis
How Merkel reacts to crises better than other leaders
Photo: DPA

It is of critical importance for a country how a leader chooses to react to an act of terrorism. Chancellor Angela Merkel’s cool head sets an example for the rest of the country.

Turkey demands Germany extradite Gülen supporters
Fethullah Gülen. Photo: DPA

Ankara called on Germany on Thursday to extradite supporters of Islamic cleric Fethullah Gülen, whom the Turkish government accuses of plotting a failed coup earlier this month.

German police raid 'hotbed of radicalization'
Police entering one of the residences. Photo: DPA

A mosque and eight residences were searched.

Germany boasts Europe's best value beaches
This beach just got named Europe's cheapest. Do you know where it is? Photo: DPA

Forget Mallorca or the Costa del Sol - the best beach bargains can be found in Germany. But where?

After rampages, Merkel says again: Wir schaffen das
Photo: DPA

Speaking for the first time after a Syrian refugee blew himself up in southern Germany, Chancellor Angela Merkel reaffirmed her commitment to helping refugees on Thursday.

The Local List
Germany's five most mind-boggling conspiracy theories
What's the point of this mysterious tower at Tempelhof Airport? Photo: DPA.

Think that wacky paranoid types only exist in the USA? Here’s a few crazy German conspiracies to prove you wrong.

Munich shooting
Gunman's friend arrested for 'planning school attack'
File photo: DPA

Police found chemicals and instructions for making explosives, as well as evacuation plans of his school in the youth's possession.

Bremen mall evacuated due to escaped psychiatric patient
Police outside the mall. Photo: DPA

The man had reportedly made worrying statements relating to Isis and last week's shooting in Munich.

German ambassador to Turkey left out in cold
Recep Tayyip Erdogan. Photo: DPA

The Turkish government has been giving German ambassador Martin Erdmann the cold shoulder for weeks, after German parliamentarians passed a bill recognizing the Armenian genocide.

Ansbach suicide bomber was interviewed by Bulgarian TV
Photo: DPA

A Syrian who blew himself up outside a German music festival at the weekend was interviewed twice by Bulgarian television while living there in 2013, footage showed on Wednesday.

Sponsored Article
Why you should attend an international job fair
DPA
Gallery
IN PICTURES: How Munich responded to shooting spree
Sponsored Article
Avoid hidden fees when sending money overseas
Lifestyle
10 rookie errors all Brits make when they arrive in Germany
National
Bavaria train attack: Were police right to shoot to kill?
Sponsored Article
Why Swiss hospitality graduates are in demand
National
How to get German citizenship (or just stay forever)
Sponsored Article
Five things Americans should know about voting abroad
Technology
Brexit will turn Berlin into 'Europe’s startup capital'
Travel
Six soothing day trips to escape the bustle of Berlin
International
'Germany needs to make UK come to its senses'
Features
Six odd things Germans do in the summer
Sponsored Article
Why expats choose international health insurance
Travel
These 10 little-known German towns are a must see
Features
How two gay dads cut through German red tape to start a family
Sponsored Article
Health insurance for expats in Germany: a quick guide
National
Five things to know about guns in Germany
Sponsored Article
Avoid hidden fees when sending money overseas
Culture
10 things you need to know before attending a German wedding
National
Eight weird habits you'll pick up living in Germany
Lifestyle
Six reasons 'super-cool' Berlin isn't all it's cracked up to be
Sponsored Article
Why Swiss hospitality graduates are in demand
Society
Only one country likes getting naked on the beach more than Germany
Lifestyle
23 ridiculously fascinating things you never knew about Berlin
Sponsored Article
Why you should attend an international job fair
Culture
8 German words that perfectly sum up your 20s
Lifestyle
Can't make it past the door at Berlin's most famous club? Help is at hand
Business & Money
Why Frankfurt could steal London's crown as Europe's finance capital
Features
6 surprising things I learned about Germany while editing The Local
Culture
Five sure-fire ways to impress Germans with your manners
11,042
jobs available
Toytown Germany
Germany's English-speaking crowd