Deutsche Bank wining and dining in Japan more widespread


Deutsche Bank's (DB) Japanese securities unit - Deutsche Securities - spent ¥22.1M ($217K) entertaining officials from 45 funds managing public pensions between 2010 and 2012, according to a report seen by Bloomberg. Deutsche Securities COO Bret Dandoy approved expenses for at least some of this and Chairman Norimichi Kanari joined in the festivities on one occasion, according to the report.

Japanese criminal law prohibits companies from picking up the tab for public servants with the intention of obtaining business, but both Dandoy and Kanari maintain they weren't aware pension officials were regarded as civil servants.

Deutsche Securities salesman Shigeru Echigo is currently at trial over these charges and faces a one-year prison term.

From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs