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Deutsche Bank Not Planning Any New Investigation in Financial Reporting Affair -Source

Date : 12/11/2012 @ 12:57AM
Source : Dow Jones News
Stock : Deutsche Bank Ag (DB)
Quote : 31.09  0.0 (0.00%) @ 1:59PM
Deutsche Bank share price Chart

Deutsche Bank Not Planning Any New Investigation in Financial Reporting Affair -Source

Deutsche Bank (NYSE:DB)
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The supervisory board of Deutsche Bank AG (DB, DBK.XE), under the leadership of Paul Achleitner, isn't planning to launch a new investigation into allegations that the bank hid billions of dollars of paper losses during the financial crisis, a person close to the matter told Wall Street Journal Deutschland.

The allegations were already examined extensively when Clemens Boersig was the chairman of the bank's supervisory board, the source said. Due to clear results of the previous investigation, Mr. Achleitner sees no reason to re-investigate the case, he added.

However, the next scheduled meeting of the bank's risk committee may discuss how a two-and-a-half-year-old topic could create a stir in the media, the person noted. Recently, some ex-employees of the bank alleged that the bank didn't value securities properly and hid losses reaching into billions.

Deutsche Bank has denied any wrong doing, saying that the allegations by three former U.S.-based employees were "wholly unfounded" and had been the subject of a "careful and thorough" review it had commissioned.

The bank said that the "valuations and financial reporting were proper" and a significant proportion of the multibillion-dollar trades at the center of the allegations have been unwound, without any unreported losses emerging.

Ex-employees of the bank have told the Securities and Exchange Commission that traders at Deutsche Bank overvalued a portfolio of derivatives to hide rapidly mounting losses when financial markets were collapsing in 2008, according to people close to the investigation.

The investigation being conducted by the SEC has been underway since May 2010, the people said. Although the probe isn't officially closed, it is unclear how active it is.

Deutsche Bank, Europe's largest bank by assets, was one of the few big banks to manage the financial crisis without state help. In 2008, the bank recorded a loss of 3.9 billion euros ($5.03 billion), but returned to profit in 2009.

Write to Madeleine Nissen at Madeleine.Nissen@dowjones.com



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