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23. Deutsche Bank Frankfurt Headquarters Raided in CO2 Trades Probe

Wed Dec 12, 2012, 07:23 AM

Dec 2012

http://www.bloomberg.com/news/2012-12-12/deutsche-bank-frankfurt-headquarters-raided-in-co2-trades-probe.html

Deutsche Bank AG (DBK)’s Frankfurt headquarters were searched today by dozens of police and prosecutors, in what the company said is part of a two-year-old tax-fraud probe linked to the sale of carbon-emission certificates.

Tax inspectors carrying computer equipment and files were seen entering elevators at the bank’s headquarters in downtown Frankfurt. A dozen police vehicles, including two large buses, were parked outside.

The raids are part of a probe against “singular persons,” bank spokesman Armin Niedermeier said. “Deutsche Bank continues to fully cooperate with the authorities.”

Six men were convicted of tax evasion by a Frankfurt court a year ago in a fraud linked to the sale of carbon-emission certificates to Deutsche Bank. The men helped start a chain of trades meant to evade value-added tax, the court found. Deutsche Bank, which bought the securities, should have known they were illegal, Presiding Judge Martin Bach said at the time.

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