Israel raids Deutche Bank on tax evasion allegations

ARNE DEDERT

A file photo dated 09 June 2015 of the Deutsche Bank logo on an entrance to the Deutsche Bank headquarters in Frankfurt am Main, Germany. Reports on 16 September 2016 state Deutsche Bank shares fell sharply down to some 12 euros / share after it was faced with a 14 billion USD claim by US Department of Justice of mis-selling mortgage securities. Deutsche Bank in a statement said it 'has no intent to settle these potential civil claims anywhere near the number cited'.

Israel raids Deutche Bank on tax evasion allegations


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Deutsche Bank’s CEO in Israel, Boaz Schwartz, was arrested on tax evasion charges on Tuesday, The Times of Israel reports.

He was bailed out later in the day.

Schwartz allegedly used a tax loophole for foreign residents, which exempts them from a 17% VAT charge, for Israeli clients. He is this accused of misreporting €136 million (550 million shekels).

Israeli tax authorities raided Deutsche offices in Israel, seizing laptops and mobile phones. Several senior executives were interviewed. Tax authorities hold Boaz Schwartz personally responsible.

Deutsche issued a statement denying every allegation, suggesting the bank is operating “in accordance with the law and strict legal advice.”

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