BERLIN: German prosecutors specified that nine suspects were targeted in raids earlier this week at Deutsche Bank AG related to suspected tax evasion by the bank’s clients.
The allegations involve two separate investigations, Frankfurt prosecutors said. The prosecutors’ office said about 70 officials raided 10 homes and offices throughout Germany in connection to allegations of tax evasion. Bank clients are suspected of claiming a total of EUR43 million ($48.7 million) in 2008 in tax reimbursements through a kind of arbitrage strategy known as “cum/ex,” which involves using shares that pay dividends.
The raids took place Tuesday, two days after the bank’s co-chief executives said they would resign, though the timing appeared to be unrelated to the management change.
At the time, Deutsche Bank said prosecutors haven’t brought forward allegations against its current staff in relation to the case. On Thursday the bank said it had nothing to add beyond its comments earlier in the week.
This article was corrected at 08:46 GMT to because orifinal misstated the currency in the second paragraph as GBP43 million, when it should be EUR43 million.
German Prosecutors Say Nine Suspects Targeted in Deutsche Bank Raids,” at 0817 GMT, misstated the currency in the second paragraph as GBP43 million, when it should be EUR43 million.
