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Company: Commerzbank

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Commerzbank in laundering probe

Date Class
25th Jul 2005 Other Issue
 
Details
Commerzbank, Germany's fourth-largest lender, has confirmed that five executives and former staff are caught up in a Russian money-laundering probe.

Frankfurt prosecutors searched offices last week on Tuesday and Wednesday, the bank said. Premises were also checked elsewhere in Germany and Switzerland.

The investigation alleges that hundreds of millions of dollars may have been siphoned off from Russian state firms.

Commerzbank said it was cooperating with the authorities.

The probe dates back to the 1990s and the role of Commerzbank staff in a number of transactions related to Russian telecommunications firm Telecominvest.

Prosecutors are examining private deals that diluted the holdings of state-owned companies in Telecominvest.

They also are checking to see if investment funds were used to launder assets from the phone company.

"Commerzbank has confirmed that the Frankfurt public prosecutor's office searched its premises on July 19 and 20 in connection with an investigation into suspected money-laundering activities on the part of five current and former members of its staff," the bank said in a statement.

"At the moment, the bank is unable to issue any further statement, as the investigation has not yet been concluded."

 

 

 


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