ACTIONS CORNER

Deutsche Bank is not obliged to reveal the exact amount of the ad hoc reserves set up in relation to the on-going controversy among the heirs of Leo Kirch. The appeal by Kirch’s widow, Ruth, was quashed by the Frankfurt Oberlandesgericht, upholding the first instance ruling handed down by the Frankfurt Landgericht in November 2012. Co-CEO Anshu Jain has, however, made it known that the bank intends to raise the reserves further against possible legal action. The second quarter profit was halved as a result of the controversy and stands at 335 million Euros.

In the legal proceedings against Uriel Sharef, presiding judge Jutta Zeilinger has voiced misgivings about the integrity of the acts and has called for a more scrupulous interpretation of testimony, adjourning the proceedings from September 6 to September 17.  Almost seven years after the discovery of the corruption in Siemens, the courtroom reconstruction of the millionaire scandal seems to be slowing up just as it approaches the final straight. The truth is that some years ago, the Munich investigators had discovered that the former high-ranking executive responsible for Siemens’s operations in America had covered up and in part personally authorised kick-back payments for some 27 million dollars.