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Deutsche Bank head in fraud probe
DUESSELDORF, Germany -- An investigation has been launched into allegations of fraud and breach of trust against the head of Germany's biggest bank Deutsche Bank and his predecessor. The Duesseldorf public prosecutor said the probe of Chief Executive Officer Josef Ackermann and former CEO Rolf Breuer will focus on the bank's sale last year of its life insurer Deutscher Herold to Zurich Financial Services. Prosecutor Bernhard Englisch told Reuters the investigation of Ackermann and Breuer -- who now heads Deutsche Bank's supervisory board -- was "at a very early stage.'' "The investigations have yet to show whether said group of persons could come into question at all,'' Reuters quoted Englisch as saying. Englisch added that a complaint concerning the same issue had also been filed against a high-ranking Zurich manager in Switzerland. No further details were available. Zurich acquired Herold from Deutsche as part of a $2.5 billion asset swap, a deal which closed in April 2002. It is alleged that Zurich had made improper use of Herold's assets after the acquisition, Englisch told Reuters. It also resulted in a loss in the value of life insurance policies held by Herold's clients, he said. The complaint alleged that Ackermann left insurance holders in the dark about that loss in value during the sales process, the prosecutor said. "We believe this point is a bit remote, even though it can't be ruled out entirely,'' Englisch said. In a separate case, Ackermann is facing charges over his role in approving large bonus payments to Mannesmann managers in 2000. Ackermann has denied any wrongdoing in that case.
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