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 Morgan Freeman on the riot-focused coverage of the Baltimore protests: 'F**k the media'
- 2 The man who filmed the Freddie Gray video has been arrested at gunpoint
- 4 Frankie Boyle on Scottish independence: 'In the Interests of Unity, F**k Off'
- 5 Length of pregnancy can vary by up to five weeks, scientists discover
Boston Marathon runner's search for mystery man she kissed ends with letter from his wife
Saudi Arabia's King Salman sacks senior aide for 'slapping' a journalist behind him live on TV
Frankie Boyle on Scottish independence: 'In the Interests of Unity, F**k Off'
Italian police 'reveal' what Jesus looked like as a young boy
Florida couple forced to register as sex offenders for having sex on public beach
In defence of liberal democracy
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
Andy McSmith's Sketch: Feisty audience is the real star of an enlightening show
iJobs Money & Business
£20000 - £25000 per annum + Uncapped commission: SThree: Can you speak German,...
£25000 - £30000 per annum + benefits: Ashdown Group: An exciting opportunity f...
£215 per day: Ashdown Group: Junior Project Manager (website, web application ...
£40-50K: Guru Careers: We are seeking an experienced Software Engineer / Softw...