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TAX EVASION

Deutsche Bank tipped off over tax raid

Deutsche Bank reportedly received advanced warning of a raid on its offices during an investigation into alleged tax evasion. A number of the bank's employees are currently being scrutinized.

Deutsche Bank tipped off over tax raid
Photo: DPA

A series of recorded telephone calls among bank employees revealed that the bank received a tip off from within the German authorities, though it is not clear from which office the leak came.

According to a report in Saturday’s edition of the Süddeutsche Zeitung newspaper, the employees, all of whom face major tax evasion charges, were recorded talking about a raid that took place on April 28, a day before it happened.

State prosecutors carried out a raid on 230 companies, banks and apartments throughout Germany on that day, including some Deutsche Bank offices. The operation was related to an investigation into an international fraud ring that is said to have evaded sales tax on emissions rights trades, which the bank was involved in.

The justice ministry of the state of Hesse confirmed that it had opened an investigation into a possible “breach of official secrets protocol.” Deutsche Bank refused to comment on the allegations.

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DEUTSCHE BANK

Deutsche Bank set ‘to cut ties with Trump’

Deutsche Bank will cease its longstanding relationship with outgoing US president Donald Trump, The New York Times reported on Tuesday.

Deutsche Bank set 'to cut ties with Trump'
Deutsche Bank's headquarters in Frankfurt. Photo: DPA

Deutsche Bank was Trump's primary lender for two decades, and he owes the institution more than $300 million, according to the newspaper, which cited an unnamed source as saying the German lender “has decided not to do business with Mr. Trump or his company in the future.”

Deutsche Bank declined to comment to AFP.

The move comes on the heels of last week's violent attack on the US Capitol by Trump supporters at the president's incitement, and follows steps taken by other companies to cut ties with Trump and his businesses.

READ ALSO: Trump under investigation for Deutsche Bank ties

Christiana Riley, head of Deutsche Bank's US division, called the violent
siege on the Capital “a dark day for America and our democracy” in a post on LinkedIn last week.

“We are proud of our Constitution and stand by those who seek to uphold it to ensure that the will of the people is upheld and a peaceful transition of power takes place,” Riley said.

“It is my hope that these shocking events will result in a reinvigoration
of the principles our nation was built upon.”

Trump's relationship with Deutsche Bank has sparked numerous probes in the United States, including in New York, where the Manhattan District Attorney is investigating whether Trump committed financial crimes as he sought loans.

READ ALSO: 'Worlds between us': What Trump's German family's town thinks of him today

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