The brand of Germany’s largest enterprise financial institution, Deutsche Bank is seen in entrance of one of many financial institution’s workplace buildings in Frankfurt, Germany, October 27, 2016. REUTERS/Kai Pfaffenbach
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BERLIN, May 31 (Reuters) – German police staged raids on the DWS unit of Deutsche Bank (DBKGn.DE) in Frankfurt, the state prosecutor’s workplace mentioned on Tuesday, giving no additional particulars.
DWS mentioned it has constantly cooperated with regulators and authorities and would proceed to take action.
No one at Deutsche Bank was instantly out there to remark.
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Handelsblatt enterprise every day first reported the raid.
According to Handelsblatt, the raid by round 50 officers on Deutsche Bank’s Frankfurt headquarters and the close by constructing housing the DWS Group was over green-washing allegations towards the latter.
The U.S. Securities and Exchange Commission in addition to Germany’s monetary regulator BaFin have separate investigations into allegations that DWS overstated the way it used sustainable investing standards to handle investments.
DWS has denied these allegations.
Fund managers have quickly amassed billions of {dollars} of belongings that are supposed to have an environmental or social profile, however there’s rising scrutiny over how corporations outline and apply environmental, social and governance (ESG) requirements.
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Writing by Miranda Murray
Editing by Madeline Chambers, Kirsten Donovan
Our Standards: The Thomson Reuters Trust Principles.
German police raid Deutsche Bank’s DWS unit & More Latest News Update
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