Report: Deutsche Bank gave lavish gifts to China’s leaders

Business

BERLIN (AP) — German newspaper Sueddeutsche Zeitung reports that Deutsche Bank gave expensive gifts to senior Chinese officials at a time when it was trying to establish itself as a major player in China’s financial industry.

Together with German public broadcaster WDR and the New York Times, the newspaper reports that the bank also gave jobs to children of Chinese political and economic elite.

In a statement Tuesday, Deutsche Bank said the “events date back as far as 2002 and have been dealt with.”

The bank added, without elaborating, that it has “self-identified, thoroughly investigated and reported to authorities certain past conduct.”

Separately, the bank said Monday that it will stop conducting transfers for banks in Malta by the end of the year amid concerns about money-laundering in the Mediterranean island nation.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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