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Russian tax authorities homing in on Deutsche Bank

Troubled German lender Deutsche Bank is facing more trouble as Russian authorities believe the bank owes Moscow millions in tax revenues. Russia says the lender didn't pay for profitable currency swaps.

Already reeling from litigation costs, Germany's largest lender Deutsche Bank is now also in the crosshairs of Russian investigators.

Russian business daily "RBK" reported Monday that tax authorities were seeking millions in lost tax revenues from Deutsche Bank after finding alleged irregularities in how the lender dealt with currency swaps in 2013 and 2014.

Authorities were quoted as saying that the bank owed Russia 10 billion rubles (161 million euros, $171 million).

Tax investigators said that in the years under review, Deutsche Bank had made currency transaction deals, buying in Russia and then selling to its subsidiary in London.

Tainted image

According to "RBK," the problem was that those currency swaps were profitable, while Deutsche Bank declared them as loss-making to Russian tax authorities.

Watch video 01:24

Deutsche Bank posts another huge loss

Earlier this year, Deutsche was hit with yet another penalty as New York and British authorities slapped it with nearly $360 million over alleged money laundering in Russia.

At the beginning of this month, the German banking giant reported a net loss of 1.4 billion euros for 2016, struggling with the impact of mammoth fines, lower revenues and restructuring costs.

hg/sri (AFP, dpa)

 

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