Deutsche Bank spied on shareholders

Deutsche Bank spied on shareholders critical of the bank’s management, the spouse of one of the company’s directors and workers’ representatives, the daily Frankfurter Allgemeine Zeitung reported Saturday.

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Without citing sources, the newspaper said the bank eavesdropped on the surveillance targets and tracked their movements. The bank, citing an ongoing investigation by Bafin, the federal banking regulator, did not comment on the affair.

Earlier last week, allegations emerged that the bank had spied on employees. This latest report suggests the program was far larger than first reported, contradicting a statement by Deutsche Bank chief executive Josef Ackermann on Tuesday that an investigation would probably not reveal “systematic malpractice.”

Leo Kirch, the Munich media mogul, said Friday he was “bewildered, but not surprised” by the affair.

Renate Hillenbrand-Beck, who heads the Hessian Office of Data Protection, has demanded a report on the allegations from the bank.

The Deutsche Bank surveillance affair is the latest in a string of similar scandals to rock the German corporate establishment.

Hartmut Mehdorn, the former head of national railway operator Deutsche Bahn, was forced from the company earlier this year after a series of spying scandals. Deutsche Telekom also spied on workers, journalists and board members. Last year, retailer Lidl was caught making extensive dossiers about the personal lives of store employees.