• Germany edition
 
Deutsche Bank co-CEO denies tax fraud charges
Photo: DPA

Deutsche Bank co-CEO denies tax fraud charges

Published: 14 Dec 2012 09:56 GMT+01:00
Updated: 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
Merkel promises help for Liberia in Ebola fight
A man walks past an Ebola information mural in Monrovia, Liberia. Photo: DPA

Merkel promises help for Liberia in Ebola fight

Chancellor Angela Merkel has promised that Germany will send help to Liberia to tackle the Ebola crisis in response to a personal appeal by the country's president, Ellen Johnson-Sirleaf. READ  

Cabinet clamps down on child image possession
Justice Minister Heiko Maas. Photo: DPA

Cabinet clamps down on child image possession

People caught in possession of indecent images of children will face tougher prison sentences, the government announced on Wednesday. READ  

The Local List
Ten German words you'll never want to hear again

Ten German words you'll never want to hear again

There are some German words which we'd rather were never invented. From the almost unpronounceable to the sheer pointless, The Local List has identified ten of the worst words in the German language. Do you agree? READ  

Investigators offer $30m reward for MH17 clues
Investigators at the MH17 crash site. Photo: DPA

Investigators offer $30m reward for MH17 clues

Anonymous backers have armed a German private detective with a $30-million war chest to find out who shot down Malaysian Airlines flight MH17 in eastern Ukraine. READ  

13,000 police will catch speeders on Thursday
This sight will be familiar to drivers on Thursday. Photo: DPA

13,000 police will catch speeders on Thursday

UPDATE: Drivers across Germany will be on the lookout for police holding radar guns on Thursday, as 13,000 officers take to the streets to crack down on speeding. READ  

Oktoberfest 2014
Your guide to Munich Oktoberfest traditions
Photo: DPA

Your guide to Munich Oktoberfest traditions

The world's biggest beer festival opens in Munich on Saturday. Running until October 5th, Oktoberfest is expected to attract more than six million visitors, drinking seven million litres of beer. Here's the first of The Local's four-part guide to the festival, starting with leathery traditions. READ  

Climber, 77, falls 80 metres to his death
The Alps near Innsbruck. Photo: DPA

Climber, 77, falls 80 metres to his death

A 77-year-old German climber fell 80 metres to his death in an Alpine ravine on Tuesday. READ  

State leader defends 'Russia Day'
Mecklenburg-Western Pomerania state premier Erwin Sellering is a big fan of Russia. Photo: DPA

State leader defends 'Russia Day'

The leader of a state in eastern Germany is not letting the worst crisis between Russia and Europe since the Cold War get in the way of his plans to celebrate "Russia Day", despite critical voices calling him a "Putin sympathizer". READ  

Champions League
Borussia Dortmund outgun Arsenal in opener
Dortmund players celebrate at the final whistle. Photo: DPA

Borussia Dortmund outgun Arsenal in opener

Italian striker Ciro Immobile scored his first goal for Borussia Dortmund as the German side produced a dominant performance to outclass Arsenal 2-0 in their Champions League opening group game in Dortmund on Tuesday. READ  

German Muslims protest against extremism
Muslim Coordination Council spokesman Ali Kizilkazya speaking in Berlin on Tuesday. Photo:DPA

German Muslims protest against extremism

The biggest Muslim faith organizations in Germany will hold a nationwide demonstration for tolerance and peace and against all types of extremism on Friday. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Photo: DPA
Education
German universities tumble in global rankings
Photo: DPA
Tech
Netflix launches in Germany (in English too)
Marks & Spencer
Sponsored Article
Fashion Ladies of the Local: Win a New Autumn Look
Photo: DPA
Politics
These men want to be the next mayor of Berlin
Photo: Shutterstock
Business & Money
The three types of firms hiring foreigners
Photo: DPA
Berlin
Berlin spy station sees tourism boom
Photo: DPA/ESA
Tech
VIDEO: How one German astronaut sees Earth
Photo: DPA
Berlin
Frisky couple shock Berlin commuters
Photo: DPA
Politics
Are Germans right to want cooler relations with USA?
Photo: Bayernpartei/DPA
Politics
Why some Bavarians want a Scottish 'Yes'
Photo: DPA
Gallery
12 things to do in Berlin for less than a latte
Photo: Facebook
National
Bavarian waiter breaks beer-carrying record
Sponsored Article
Bilingual education from nursery to graduation at Phorms
Photo: DPA
Business & Money
JobTalk: All you need to know about working in Germany
National
Share news tips with The Local Germany
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

3,326
jobs available
Toytown Germany
Germany's English-speaking crowd