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Sunday, June 28, 2015, Ashar 14, 1422 BS, Ramadan 10, 1436 Hijr

'Deutsche Bank CEO misled Bundesbank'
Published : Sunday, 28 June, 2015,  Time : 12:00 AM,  View Count : 6

FRANKFURT, June 26: Deutsche Bank's (DBKGn.DE) co-chief executive Anshu Jain may have "knowingly made inaccurate statements" to Germany's Bundesbank during investigations into manipulation of the inter-bank rate setting process, the Financial Times reported online, citing a confidential report from German regulator BaFin. BaFin declined to comment.
Deutsche Bank told Reuters it disputed the allegation that Anshu Jain misled the Bundesbank.
Earlier this month, a source told Reuters that Germany's financial watchdog Bafin heavily criticized Deutsche Bank in its report investigating attempts to manipulate inter-bank interest rates such as Libor.
The German regulator has been investigating Deutsche Bank and the role it played during the financial crisis when a global inter-bank lending rate mechanism was being manipulated.
BaFin recommends that Deutsche Bank should face "special banking supervisory measures" as a result, the Financial Times reported, quoting the BaFin report.
Jain, who resigned his position as CEO effective June 30, is accused of having "knowingly made inaccurate statements" in a 2012 interview with the German central bank, the Financial Times said.
Germany's central bank, which is known as the Bundesbank, could not be reached for comment.
Jain is alleged to have told the central bank he had no knowledge of rumors of possible rigging in 2008, but contemporaneous e-mails about a meeting on the subject were forwarded to him at the time, the Financial Times said.
Deutsche Bank on Friday said, "The BaFin report confirms our findings that no present or former member of Deutsche Bank's Management Board or Group Executive Committee instructed employees to manipulate intra-bank offered rates (IBOR) submissions or was aware of any attempted manipulations prior to June 2011 when certain misconduct first came to light during the Bank's investigation of this matter."    ?Reuters

Editor : Iqbal Sobhan Chowdhury
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