Deutsche Bank employees in court over alleged carbon crimes

A German court has heard from defendants this week over allegations of tax evasion. According to Reuters, one of the first six to stand trial, a 35-year-old defendant told the […]

Register now!

By Tom Gibson

A German court has heard from defendants this week over allegations of tax evasion. According to Reuters, one of the first six to stand trial, a 35-year-old defendant told the court that Deutsche Bank “set itself up” for tax evasion.

A spokesperson for Deutsche Bank told ELN that the bank itself was not under investigation and it remained confident that it had done nothing illegal. The allegations concern wrongdoing by carbon traders when reporting finances available for the new EU scheme.

The spokesperson said: “Deutsche Bank expects that the accusations by the public prosecutor’s office against its employees, who by the way have still not been charged, will prove unfounded. Deutsche Bank has appointed the law firm Clifford Chance to carry out an independent investigation. The investigation has so far not found any indications of misconduct by the bank or its employees.

The investigation involves buyers importing carbon permits in one EU country without paying VAT and selling them in another, adding tax to the price and pocketing the difference.

Other Deutsche Bank stories:

SANYO make super-efficient solar

IEA oil release hits market nerves