India's luxury airline Vistara flies into the sunset    Netanyahu says he and Donald Trump 'see eye to eye' on Iran    Valencia government rules out resignations as anger grows over Spain flood response    Moscow targeted as Ukraine and Russia barrage each other with drone attacks    Haiti's prime minister ousted after six months    Rita Ora is tearful in tribute to Liam Payne at MTV Awards    Minister of National Guard inaugurates Riyadh Global Medical Biotechnology Summit 2024    GASTAT: Non-oil activities rise 5% in September    Prince Faisal meets Palestinian PM, Lebanese FM in Riyadh    Health practitioners arrested for posting indecent videos on social media    'Art of the Kingdom': First traveling exhibition of contemporary Saudi art launched in Rio de Janeiro    4-member gang transporting illegals busted in Riyadh    France to deploy 4,000 police officers for UEFA Nations League match against Israel    Month-long "Wonderland" festival to begin in Jeddah on Monday    Ghaznawi: 1,800 hotel rooms and 9,000 housing units to be made available in Historic Jeddah    Saudi Pro League: Al Qadsiah extend positive run with 2-0 win over Al Fayha    Al Nassr edges past Al Riyadh with Mane's goal to move up to third    Al Ahli continues strong form with 2-0 win over Al Raed in Saudi Pro League    Three charged in connection with Liam Payne's death    Dubai Design Week launches its 10th edition, celebrating creativity and innovation    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Deutsche Bank under suspicion in emissions-trading fraud
Published in Saudi Press Agency on 29 - 04 - 2010

Employees of Deutsche Bank, Germany's
largest bank, have come under suspicion of involvement in a scheme to
avoid taxation on emissions trading, dpa quoted state prosecutors as saying today.
In nationwide raids on Wednesday, which included the headquarters
of Deutsche Bank in Frankfurt, the country's financial capital, and
offices of energy giant RWE, some 230 premises were searched.
The investigation concerns some 50 companies and over 150
suspects, who are thought to have bought carbon credits from abroad
and resold them through interconnected companies in Germany without
declaring or paying the appropriate sales tax, prosecutors said.
A spokesman for Deutsche Bank confirmed on Thursday that seven of
its employees were among those under suspicion.
Three arrests have so far been made.
Frankfurt prosecutor Guenter Wittig gave no further details
regarding the investigations, but said that examination of
confiscated mobile phones, laptops and hard-drives could take months.
The last link in the chain of companies in the so-called carousel
fraud is thought to have resold the carbon certificates abroad,
entitling them to sales tax reimbursements from the government.
A spokesman for the bank was quoted in the Frankfurter Allgemeine
newspaper saying "we are supporting the state prosecutors with their
investigation."
The amount claimed to have been lost to the tax authorities was
some 180 million euros (237 million dollars).


Clic here to read the story from its source.