Deutsche Bank spying on board members?

Deutsche Bank HQ in FrankfurtGermany’s biggest bank – Deutsche Bank – may face criminal charges for spying on board members who were suspected of being liberal with confidential company details. There’s also been talk of the bank spying on outspoken shareholder Michael Bohndorf.

It is now up to state prosecutors in Frankfurt, where the bank is based, to decide whether a criminal investigation and possible trial is in order. This decision may take two to three weeks, which will, no doubt, be the first step in a long process should the decision be in favor of an investigation.

The bank began conducting its own, independent investigation into the spy allegations in May, and has declined to make any media comment until such time as the investigation is complete. It does seem that two employees – head of security and head of investor relations (Rafael Schenz and Wolfram Schmitt according to the WSJ) – have already been fired as a result of Deutsche Bank’s findings.

The bank started the investigation when it learned that violations of internal policies and external legal requirements may have been occurring in the bank’s corporate security department.

News of the bank’s alleged spying comes in the midst of a spate of corporate spy scandals in Germany involving the telecoms company Deutsche Telekom, the national railway operator Deutsche Bahn and the discount retail chain Lidl.

images courtesy of lolfed.com and german-architecture.info


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