Deutsche Bank faces fine in Kirch case - Sueddeutsche Zeitung

Written By Unknown on Sabtu, 20 Desember 2014 | 16.47

FRANKFURT Fri Dec 19, 2014 6:00pm EST

FRANKFURT Dec 19 (Reuters) - Deutsche Bank faces a fine of up to 10 million euros ($12.23 million) for making false statements in connection with the Kirch media group's long-running bankruptcy case, German daily Sueddeutsche Zeitung reported.

Munich prosecutors in September filed charges against Deutsche Bank co-Chief Executive Juergen Fitschen and several former bank executives related to a civil court case brought by the heirs of Leo Kirch, the deceased media magnate who had sued Deutsche Bank.

Citing a 627-page document detailing the charges, the paper said on Saturday that prosecutors plan to ask the court to slap Deutsche Bank with a fine as part of the proceedings, alleging it made false statements.

Deutsche Bank declined to comment, citing its policy of not commenting on ongoing litigation. It has previously said it believes prosecutors' allegation against Fitschen would prove unfounded.

Kirch, who died in 2011, blamed the country's largest lender for his group's demise, setting off one of Germany's most acrimonious corporate disputes, which was settled in a deal costing Deutsche about 925 million euros.

Sueddeutsche Zeitung said prosecutors found documents during raids at Deutsche Bank offices showing that the lender, contrary to its statements, tried in early 2002 to win a mandate from Kirch to sell large parts of his company and make a profit from the deal.

The Munich court has yet to decide whether the case, which also includes charges against former CEOs Josef Ackermann and Rolf Breuer as well as two other former executives, will go to trial. ($1 = 0.8179 euros) (Reporting by Maria Sheahan; Editing by Christian Plumb)

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