Germany Police Raided Deutsche Bank HQ & Homes of Employees Including Former Co-CEO for Multi-Billion Tax Fraud, Billions of Government Revenues Siphoned
20th October 2022 | Hong Kong
Germany police had raided Germany’s largest bank Deutsche Bank headquarters & homes of employees including former co-CEO (Juergen Fitschen) for investigation in a multi-billion tax fraud, with billions of government revenues siphoned. Germany Cologne Prosecutors: “More than 114 police and tax inspectors took part in the raids.” The tax fraud involves declaring non-existing stock dividend and requested for Germany government to reimburse taxes that were never paid in the first place. Since 2017, the Cologne Public Prosecutor’s Office had been conducting the tax fraud investigation, including with more than 70 current & former Deutsche Bank employees. In 2021, the Germany highest court had ruled the transactions illegal. Earlier in June 2022, Deutsche Bank independent asset management group DWS ($970 billon AUM) CEO Asoka Woehrmann resigned (9/6/22) after police raided DWS office in a greenwashing probe (false or misleading claims about the environmental benefits of a product, service, technology). See below for more info.
“ Germany Police Raided Deutsche Bank HQ & Homes of Employees Including Former Co-CEO for Multi-Billion Tax Fraud, Billions of Government Revenues Siphoned “
Deutsche Bank $970 Billion DWS Group CEO Asoka Woehrmann Resigns after Police Raid on Greenwashing, Head of Corporate Bank Stefan Hoops Appointed as new CEO
In June 2022, Deutsche Bank independent asset management group DWS ($970 billon AUM) CEO Asoka Woehrmann resigned (9/6/22) after police raided DWS office in a greenwashing probe (false or misleading claims about the environmental benefits of a product, service, technology), with Deutsche Bank Head of Corporate Bank Stefan Hoops appointed as the new DWS CEO (10/6/22) and David Lynne (Head of Corporate Bank APAC) to takeover as the new Deutsche Bank Head of Corporate Bank. DWS outgoing CEO Asoka Woehrmann: ”I have always dedicated my entire energy to the benefit of DWS; most notably since returning as CEO in October 2018. Today, after the three most successful years in its history, DWS is significantly more profitable, is stable and has continued to perform well in a difficult market environment. At the same time, the allegations made against DWS and myself in past months have become a burden for the company, as well as for my family and me. In order to protect the institution and those closest to me, I would like to clear the way for a fresh start.”
Stefan Hoops Incoming DWS CEO:
“I am very pleased to have the privilege of leading DWS, a first-class asset manager, and to further expand our market position and relevance with this great team.”
Stefan Hoops joined Deutsche Bank in Fixed Income Sales in 2003. He moved to Credit Trading in New York in 2008, and took on various leadership roles within Global Markets in the United States and Germany in the following years, including Global Head of Institutional Sales. In October 2018 he was named Head of Global Transaction Banking. Since July 2019, Stefan heads DB’s Corporate Bank, which encompasses all of DB’s corporate and commercial client activities. Hoops holds a Masters degree in Business Administration and a PhD in Economics from the University of Bayreuth. His appointment as CEO of DWS on 10 June 2022 is subject to regulatory approval.
Karl von Rohr, President of Deutsche Bank and Chairman of the Supervisory Board of DWS:
“Asoka Woehrmann has played a major role in the success of our Asset Management in recent years. Under his leadership, DWS has expanded its market position and performed well in a recently challenging environment. We would like to thank him for this as well as for his contribution in previous positions, including in the private banking business in Germany.
With Stefan Hoops, we are able to appoint a proven capital markets specialist to lead DWS, who brings the necessary strategic foresight, expertise in digitalisation and leadership skills for this role.”
Christian Sewing, Deutsche Bank’s CEO:
“I also want to thank Asoka for his impressive work and performance for DWS and Deutsche Bank. Asset Management is and remains an important part of our business model.
We are convinced that DWS will continue its success story under Stefan Hoops’ leadership. In recent years, he has taken important strategic decisions in the Corporate Bank. The division is well positioned in a difficult market environment and well on track to achieve its targets. I am convinced that we will continue on this path and grow further in coming years under David Lynne’s leadership, both in Germany and globally.”
About DWS Group
DWS Group (DWS) is one of the world’s leading asset managers with EUR 902bn of assets under management (as of 31 March 2022). Building on more than 60 years of experience, it has a reputation for excellence in Germany, Europe, the Americas and Asia. DWS is recognized by clients globally as a trusted source for integrated investment solutions, stability and innovation across a full spectrum of investment disciplines.
About Deutsche Bank
Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as focused investment banking to private individuals, small and medium-sized companies, corporations, governments and institutional investors. Deutsche Bank is the leading bank in Germany with strong European roots and a global network.
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