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Deutsche Bank AG set to face administrative probe for actions on Kirch companies

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November 6
9:11 AM 2013

An administrative probe was opened against Deutsche Bank AG in Munich. This comes after a review of testimony related to a current case had alleged that the financial institution assisted in the collapse of a German media firm.

The said probe was opened last October 10 after due notice was given to Deutsche Bank AG. The bank was asked to provide access to relevant files by October 18. The probe was confirmed by prosecution team spokesperson Thomas Steinkraus-Koch, through an email sent today. In today's edition, German newspaper Sueddeutsche Zeitung confirmed the investigation to determine if the bank had failed to meet its obligations in the case.

The prosecutors had also informed Deutsche Bank AG that it may be fined as a result of the administrative probe. This was confirmed by Deutsche Bank AG spokesperson Armin Niedermeier through an email.

The companies comprising the conglomerate of the late media German tycoon Leo Kirch said in its lawsuits that the biggest bank in Germany had plotted the group's end back in 2002. As a result of these statements, the bank was forced to set aside another EUR1.2 billion for legal expenses to cover possible litigation and regulatory fines.

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