Taxmen raid Deutsche Bank
Tuesday 16 June 1998
According to Job Tilman, a Frankfurt prosecutor, managers and staff of the bank are suspected of helping their customers withhold tax by hiding money in branches abroad.
The inspectors turned up unannounced yesterday morning at Deutsche's headquarters in Frankfurt, as well as in branches in Freiburg, Dusseldorf and Kassel.
The authorities are focusing on cash transfers to Deutsche branches in Luxembourg and Switzerland. Investigators suspect that customers had switched money and securities abroad anonymously, with the help of bank employees. They believe that neither the deposits nor their interest earnings had been declared in Germany.
A Deutsche Bank spokesman said: "We won't comment, but are co-operating in line with requirements, although we must protect our customers' confidentiality. It is not unusual that we are being searched after many other banks were already investigated."
Attempts to locate untaxed earnings spirited out of Germany have been going on since 1994. Two other large banks, Dresdner and Commerzbank, have already been subjected to similar raids, forcing the resignation of senior executives.
- 1 The difference between a migrant and refugee, in one sentence
- 2 Miley Cyrus calls out hypocrisy of women’s nipples being taboo
- 3 Celebrity Big Brother 2015: Tila Tequila kicked off show after 'describing Hitler as a good man'
- 4 iPhone 5c to be discontinued, no iPhone 6c to replace it
The difference between a migrant and refugee, in one sentence
Spain accused of 'provocation' after letting Russian submarine refuel off Gibraltar
Allonautilus scrobiculatus: World's 'rarest' creature spotted for only the third time ever
Miley Cyrus calls out hypocrisy of women’s nipples being taboo
Celebrity Big Brother 2015: Tila Tequila kicked off show after 'describing Hitler as a good man'
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Labour leadership: Jeremy Corbyn accused of 'deluding' young supporters with 'claptrap'
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
Iain Duncan Smith calls for urgent ESA overhaul as part of drive to cut down welfare costs
iJobs Money & Business
£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...
£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...
£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...
£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...