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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.
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