Deutsche Bank employees charged over sales tax evasion

Eight current and former Deutsche staff charged following emissions trading inquiry

Deutsche Bank HQ in Frankfurt: eight employees have been charged following an inquiry into Europe’s carbon emission certificate market. Photograph: Daniel Roland/AFP/Getty Images
Deutsche Bank HQ in Frankfurt: eight employees have been charged following an inquiry into Europe’s carbon emission certificate market. Photograph: Daniel Roland/AFP/Getty Images

Frankfurt prosecutors have charged eight current and former Deutsche Bank employees in connection with €220 million in sales tax evasion following a long-running investigation into Europe's carbon emission certificate market.

Prosecutors did not identify the bank, but people familiar with the case say the accused are mid-ranking employees of Deutsche Bank, which was raided in 2012 as part of the investigation. Seven of the eight accused are still employed by Deutsche. A court must now decide whether to hear the case.

“Our investigation into the CO2 situation is continuing,” Deutsche said. “We are co-operating with authorities.”

Prosecutors saw no reason to open an investigation into members of Deutsche’s management board, people close to the bank said.

READ SOME MORE

The charges are set to cast a further cloud over Germany’s largest bank, which in April paid a record $2.5 billion fine for its involvement in the Libor rate-rigging scandal. Apart from Libor, Deutsche is also facing allegations of rigging foreign exchange markets, manipulating precious metals prices and breaching US sanctions.

– Copyright The Financial Times Limited 2015