Commerzbank money laundering probe expands

15th August 2005, Comments 0 comments

15 August 2005, FRANKFURT - A money laundering investigation involving Germany's Commerzbank has been expanded to include the bank's chief executive, Klaus-Peter Mueller, a statement by Commerzbank said Saturday.

15 August 2005

FRANKFURT - A money laundering investigation involving Germany's Commerzbank has been expanded to include the bank's chief executive, Klaus-Peter Mueller, a statement by Commerzbank said Saturday.

Bank executives could not understand why CEO Mueller had been targeted by the ongoing probe into Commerzbank's Russian activities, the statement said.

Lawyers for the bank regarded the step as "just a formal move," said the statement.

The investigation follows allegations that Commerzbank helped in money laundering involving Russia's privatisations in the late 1990s.

A Commerzbank executive, Andreas de Maziere, has already resigned in connection with the alleged money laundering affair.

The statement said Commerzbank would assist the investigation by Germany's financial watchdog BAFin, and that the bank assumed Mueller would be cleared of any wrongdoing.

DPA

Subject: German news

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