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Deutsche Bank co-head under criminal investigation
by David Campbell on Nov 05, 2013 at 07:48
Deutsche Bank co-chief executive Juergen Fitschen has been placed under criminal investigation in a dispute over the collapse of Germany’s Kirch media empire more than 10 years ago.
The company said that it was certain he would be exonerated after prosecutors said that they were investigating whether Fitschen had supplied misleading evidence.
‘The bank is absolutely convinced that this suspicion will prove to be unfounded,’ it said in a statement.
The suit was bought by the heirs of media mogul Leo Kirch, who claim that the then Deutsche Bank chief executive Rolf Breuer had destroyed the company by questioning its creditworthiness during a TV interview.
The bank denies the claims, which have led to 10 years of legal proceedings. Last year a judge ruled that Kirch had suffered damages of between €120 million and €1.5 billion.
The investigation adds to what some investors worry are distracting legal woes for the group. Unlike some of its competitors, the bank has yet to reach settlement of Libor-related allegations.
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