Deutsche Bank’s Office In Israel Raided, Managing Director Arrested Over Tax Violations

zerohedge.com / by Tyler Durden / Feb 7, 2017 8:57 AM

Define irony: just three days after Deutsche Bank took out a massive, full-page ad in German media to apologize for its market rigging “misconduct”, Deutsche Bank managing director, Boaz Schwartz, who is also the German lender’s chief executive officer in Israel, was arrested over alleged value-added-tax violations involving the company’s clients, in the latest setback in the German firm’s attempts to end years of legal issues and misconduct, prompting some to question the sincerity of DB’s solemn “apology.”

Schwartz, suspected of misreporting 550 million shekels ($146 million) of transactions, was arrested on Tuesday Bloomberg reported, a day after tax authorities raided the bank’s offices in Israel, seizing executives’ laptops and mobile phones, according to a statement from the Israel Tax Authority. He was freed under condition by Judge Karen Miller of the Jerusalem Magistrate’s Court. Israeli police had no comment on the executive’s arrest.

The Israel tax authority said that the alleged transactions were reported as if conducted by foreign residents and avoided Israel’s 17-percent VAT. In a statement, Deutsche Bank said it “acts in accordance with the law and strict legal advice both in Israel and abroad”, except when it gets caught?

READ MORE

The post Deutsche Bank’s Office In Israel Raided, Managing Director Arrested Over Tax Violations appeared first on Silver For The People.