Munich prosecutor says investigating banker on suspicion of tax evasion

FRANKFURT (Reuters) – Prosecutors are investigating the head of Germany’s savings banks association over allegations of tax evasion, the Munich public prosecutor said on Tuesday.

Georg Fahrenschon, who is one of Germany’s most prominent bankers as president of the German Savings Banks Association, said in a statement that he paid his taxes late but denied breaking any law.

German savings banks, owned by local governments, say they play a major role in the economy, together operating some 18,530 branches and employing about 320,000 people.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.