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Barclays, Citi, SocGen, BNP Paribas named in Deutsche Bank bribe case

May 17, 2019 9:41 AM ETC, DB, BCS, BNPQF, SCGLFBy: Liz Kiesche, SA News Editor4 Comments
  • The middleman who admitted to paying bribes over trades he helped broker between Deutsche Bank (DB -1%) and a Dutch housing company said he was also getting commissions from other banks including Barclays (BCS -2.1%), Citigroup (C -1.1%), Societe Generale (OTCPK:SCGLF), and BNP Paribas (OTCQX:BNPQF), Bloomberg reports.
  • Deutsche Bank said it didn't know about the "secret arrangements" between First in Finance Alternatives and the Dutch company, Stichting Vestia, and that First in Finance seemed to be a legitimate intermediary.
  • The other banks aren't being accused of knowing that First in Finance was passing on fees to Vestia's treasury and control manager, Marcel De Vries.
  • Vestia almost collapsed after losing more than EUR 2B on derivatives that went bad, a "substantial part" of which came from trading with Deutsche Bank.
  • Vestia is suing, saying some of the derivative deals were "flawed" because of the bribes.
  • Deutsche Bank says "Vestia's allegations are without basis."

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