Deutsche Bank former CEO Jain under probe for dividend tax-stripping: Report

Greed and a desire for riches are traps that bring ruin and destruction. “The love of money is a root of all kinds of evil,” and Christians are warned, “Do not put your trust in wealth” (see 1 Timothy 6:9-10, 17-18). Covetousness, or having an excessive or greedy desire for more, is idolatry. Ephesians 5:5 says, “For of this you can be sure: No immoral, impure or greedy person – such a man is an idolater – has any inheritance in the kingdom of Christ and of God.” The principle to remember is contained in Hebrews 13:5: “Keep your lives free from the love of money and be content with what you have, because God has said, ‘Never will I leave you; never will I forsake you.’”

Deutsche Bank declined to comment on whether Jain, who was co-CEO from June 2012 to June 2015, was included as part of the probe
The scheme, called “cum-ex”, involved several other global banks

Deutsche Bank Anshu Jain
Frankfurt: German prosecutors are probing former Deutsche Bank co-chief executive Anshu Jain and 78 other current and former bank officials as part of an investigation into a dividend tax-stripping scheme, German daily Handelsblatt reported on Friday.

Investigators suspect managers at Deutsche and other banks of helping to exploit a loophole which allowed two parties to claim ownership of the same shares, making it possible to claim dividend tax rebates running to billions of euros.

The scheme, called “cum-ex”, involved several other global banks.

The Cologne prosecutor’s office is also probing Garth Ritchie, the head of Deutsche Bank’s investment banking arm, as part of the investigation, Sueddeutsche Zeitung reported on Thursday, citing unnamed sources. Ritchie, through a Deutsche Bank spokesman, declined to comment.

Jain, through a personal spokesman also declined to comment. Deutsche Bank declined to comment on whether Jain, who was co-CEO from June 2012 to June 2015, was included as part of the probe.

The scam, which for years operated in a legal grey area until prosecutors declared it to be fraudulent, is being probed by several prosecutors’ offices including by officials in Cologne.

The Cologne prosecutor could not be reached for comment. In a statement, Deutsche Bank confirmed that current and former managers were under investigation, but did not say who they were. Deutsche Bank said the Cologne prosecutor had been investigating two former employees since 2017 in connection with cum-ex transactions on behalf of former clients. Deutsche Bank said the lender was not directly involved in the tax scheme. “Recently, the prosecutor has initiated investigations against further former and current employees and management board members,” it said in a statement.

It said the change in approach by the Cologne prosecutor was linked to procedural issues related to the statute of limitations, and did not imply that the prosecutor had changed its view on the facts of the case.

“This has also not changed the Bank’s assessment of the facts of the case. Deutsche Bank did not participate in an organized cum-ex market, neither as short seller nor as cum-ex purchaser,” Deutsche said. Source

“This has also not changed the Bank’s assessment of the facts of the case. Deutsche Bank did not participate in an organized cum-ex market, neither as short seller nor as cum-ex purchaser,” Deutsche said.

Deutsche Bank acted as a leverage provider to clients who were involved in the scam, Handelsblatt reported.

Sueddeutsche Zeitung said that fraudulent tax claims related to the 2009 business year, running to more than a billion euros, would expire soon unless prosecutors press criminal charges.

Reuters reported in January that investigators had found indications that senior managers had discussed the reputational risks related to the cum-ex scheme, which sparked Germany’s biggest post-war fraud probe. Source

It is the love of money, and not money itself, that is the problem. The love of money is a sin because it gets in the way of worshipping God. Jesus said it was very hard for rich people to enter the Kingdom of God. When the rich young ruler asked Jesus what he should do to inherit eternal life, Jesus told him to sell all his possessions and give the money to the poor. “When the young man heard this, he went away sad, because he had great wealth” (see Matthew 19:16-22). By instructing him to give up his money, Jesus pointed out the young man’s main problem: greed or a love of money. The man could not follow Christ because he was following money. His love of this world interfered with his love for God.  Source

StevieRay Hansen
Editor, Bankster Crime

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