Germany Probes Deutsche Bank Payments to Saudi Royal Adviser: FT
Germany Probes Deutsche Bank Payments to Saudi Royal Adviser: FT
(Bloomberg) -- German prosecutors are investigating two former Deutsche Bank AG employees for allegedly paying $1.1 million to secure the wealth management business of a senior Saudi royal, the Financial Times reported.
The money transfers were arranged in 2011 and 2012, along with other perks, including an internship and a seminar at a Swiss ski resort, according to the results of an international probe, seen by the Financial Times.
The lender conducted its probe between 2014 and 2016, leading to the departure of six employees and 12 staff having their bonuses suspended.
Deutsche Bank told Bloomberg it has since put in place measures to ensure there are no similar breaches of the lender’s policies.
”This was an action by a small number of individuals who acted in breach of the bank’s policies,” a spokesman said in a statement. “We caught it, reported it ourselves to regulators and the affected clients, dealt appropriately with the individuals, and made improvements to avoid something similar happening again.”
To contact the reporter on this story: Melodie Warner in New York at mwarner19@bloomberg.net
To contact the editors responsible for this story: Matthew G. Miller at mmiller144@bloomberg.net, James Ludden, Tony Czuczka
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