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Author Topic: US investigates Deutsche Bank on 1MDB work  (Read 43 times)

Offline Olde Hornet

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US investigates Deutsche Bank on 1MDB work
« on: July 11, 2019, 04:40:00 PM »
Its amazing that a German Bank would get in bed with such people, agent orange now this.   :no: :no: :no:

https://www.france24.com/en/20190711-us-investigates-deutsche-bank-1mdb-work

The US Department of Justice's mushrooming investigation into the scandal-ridden Malaysian state fund 1MDB has extended to Deutsche Bank, two people familiar with the matter told AFP Thursday.

The big German bank, which announced deep job cuts earlier this week and is embroiled in other high-profile government probes, says it is cooperating with the investigation and maintains that it is a victim in the scandal.

The Justice Department is looking into whether Deutsche Bank broke anti-money laundering laws through its work for 1MDB, which included helping the Malaysian fund raise $1.2 billion in 2014, two people familiar with the matter told AFP, confirming a report in The Wall Street Journal.

Billions of dollars were looted from the Malaysian investment vehicle between 2009 and 2014 and spent on everything from yachts to expensive artwork, in a fraud allegedly involving disgraced Malaysian ex-premier Najib Razak and his cronies.
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Offline Bison66

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Re: US investigates Deutsche Bank on 1MDB work
« Reply #1 on: July 12, 2019, 11:19:42 AM »
It appears to be a criminal enterprise...

Remember the Bank of Crooks and Criminals from the 90s??


Tentacles of seized 'Bank of Crooks and Criminals' reached around the world

QUOTE

Question: What is BCCI?

Answer: BCCI stands for Bank of Credit and Commerce International, although since it became embroiled in scandal, wags have renamed it "Bank of Crooks and Criminals International."

Over the years, BCCI enjoyed acclaim in developing nations for its practice of extending credit in areas Western banks avoided.
[...]
But it also has been linked for years to criminal enterprises -- tied, for example, to drug-related money-laundering activities, including some involving Manuel Antonio Noriega, the former Panamanian dictator. In 1990, two of BCCI's units pleaded guilty federal court in Tampa, Fla., to money-laundering. Later that year, six current and former BCCI employees were convicted of conspiring to launder $32 million in cocaine money.

On July 5 (1991), banking regulators from around the world teamed up to shut down most BCCI operations, alleging widespread fraud.
UNQUOTE

It seems inconceivable that Deutsche could face a similar fate, but...who knows?

O0
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