Deutsche Bank probed over collapse of media company

Deutsche Bank - External

Munich prosecutors opened an administrative probe of Deutsche Bank as part of a review of testimony related to a lawsuit that alleges the lender helped cause the collapse of a German media company.

Bloomberg reports that the bank was informed of the probe on 10th October and asked for access to relevant files on 18th October.

German newspaper Sueddeutsche Zeitung reported the investigation of whether Deutsche Bank failed to meet its obligations in the case.

The prosecutors have informed the bank that it may face a fine in the administrative probe, Armin Niedermeier, a spokesman for Deutsche Bank, said in an e-mail.

Companies that formed the empire of the late media German tycoon Leo Kirch say in lawsuits that Germany’s biggest bank secretly plotted the group’s demise in 2002. Deutsche Bank was forced to almost wipe out its third-quarter profit last week by setting aside an additional $1.6bn for legal costs as it grapples with litigation and regulatory fines.

The Kirch litigation has also led to probes of current and former bank executives’ testimony in the dispute.

To access the complete Bloomberg article hit the link below:

Deutsche Bank Faces Probe in Kirch Case Testimony Review

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