Deutsche Bank employees alleged to have evaded tax when buying and selling carbon emission certificates had concerns over whether their trading activity was legal but carried on anyway to maximize profits, a Frankfurt court heard on Monday.
Reuters reports that a Frankfurt prosecutor said on the first day of the trial that between August 2009 and March-April 2010 seven current or former Deutsche Bank employees deliberately ignored red flags and withheld information from their managers, despite knowing about the tax evasion practices of six external carbon traders making similar trades.
The seven defendants have not yet entered a plea, as is usual in trials in Germany, although lawyers for six of them say they will react to the allegations on Thursday, which is the next day of proceedings.
'Why do we do this? Because we are so greedy', the prosecutor quoted one of the defendants as saying.
To access the complete Reuters article hit the link below: