The US Department of Justice has a media report, according to a investigation against the German bank because of the financial scandal involving the Malaysian sovereign wealth fund 1MDB. The agency is investigating whether the bank has breached corruption and anti-money laundering laws as a result of its work for the fund, the report said Wall Street Journal, Deutsche Bank announced that it was cooperating fully with the authorities and had been misled by 1MDB.
The Malaysian State funds 1MDB is at the center of one of the biggest fraud scandals in financial history. Up to three billion dollars (2.6 billion euros) should have been embezzled, according to Malaysian and US judicial authorities between 2009 and 2014, including Malaysian leaders. Significant banking for the fund was handled by US investment bank Goldman Sachs, against which investigations in the US were initiated.
Loud Wall Street Journal helped Deutsche Bank 1MDB, among others, in 2014, when there were already initial concerns about the fund to get funding over $ 1.2 billion. In addition, a colleague, who initially worked at Goldman with 1MDB, later had to deal with the Deutsche Bank with the fund. She allegedly left the bank in 2018 after hearing of news between her and the main accused in the 1MDB affair.
"Deutsche Bank has fully cooperated with all requests from regulatory and judicial authorities in connection with 1MDB," said a corporate spokesman in New York. The Ministry of Justice have found in documents to the case that 1MDB "significant misrepresentations" made against Deutsche Bank. This covers itself with its own knowledge. The Ministry of Justice did not want to comment on a request for the report.
Germany's largest financial institution had decided on Sunday a comprehensive reorganization of the group. In the course of this, around 18,000 jobs will be eliminated by 2022. Already on Monday, the first affected employees received their dismissals.
Business (t) 1MDB (t) Deutsche Bank (t) Financial scandal (t) Sovereign wealth fund (t) Ministry of Justice (t) United States Department of Justice (t) Malaysia (t) Justice (t) Money laundering