Ex-German bank manager charged with VAT fraud

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IIn the context of the large-scale sales tax fraud in the trading of CO2 emission certificates, the Frankfurt Attorney General has filed another charge for serious tax evasion. Repeatedly, according to information provided by F.A.Z. a senior, former employee of the Deutsche Bank in the center of the action. The prosecution itself did not comment on the former employer of the suspect on request.

Marcus Jung

According to her, the accused, a 48-year-old Austrian, was to head the Emission Sales department at the bank's London office in 2009 and 2010. According to the conviction of the prosecutors, he is said to have been a key person in the preparation and execution of commercial transactions with CO2 emission certificates in the VAT carousel. As part of a bank he should have evaded sales tax in the amount of 145 million euros.

The prosecution must now have an economic penal code of the district court of Frankfurt – almost ten years on the day after the illegal ring trading with the emission certificates had its wedding. At that time, over a period of several years, German companies bought emission rights from abroad and resold them in-country via intermediate companies, without paying any sales tax. The last buyer sold the papers back abroad and had the tax authorities refund a sales tax that had been paid.

A series of dubious shops

In the case of a conviction for serious tax evasion threatening the man, who works for a Swiss financial services provider in the meantime, according to information of this newspaper, up to ten years imprisonment. In the period from September 2009 to April 2010, he is said to have systematically promoted the trade, although he knew the prosecutor is convinced that the buyers of certificates were involved in the domestic sales tax carousel. In addition, he had a significant influence on the trading volumes as head of department.

When employees expressed their doubts about the legitimacy of the business, their supervisor allegedly downplayed everything. According to the indictment, he is also said to have faked a supposedly positive result in the case of a dubious society. The bank did not want to comment on the current charges against the former employee on Thursday. One had already stopped the trade with CO2 certificates in the year 2010 and the taxes to the tax office were refunded, was called in a statement of the German bank. In the illegal ring trade, the Deutsche Bank had acted as a middleman and had made the tax fraud possible.

In December 2012, more than 500 officers searched Frankfurt's corporate headquarters and private residences. Following the raid in 2012, the Prosecutor General's Office had accused eight Deutsche Bank employees at the Frankfurt district court, and the proceedings against three other suspects had been suspended. In the trial, the judges sentenced a former sales manager of the bank to three years in prison. According to the prosecutors, there have now been in the various processes for 13 parties imprisonment of up to eight years.

German Bank (t) ISIN_DE0005140008 (t) F.A.Z. (t) Charge (t) VAT fraud (t) Attorney General (t) Tax evasion

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