Deutsche Bank subsidiary DWS said Wednesday that its chief executive is resigning, hours after authorities raided its offices as part of a probe into claims that the company exaggerated the sustainable credentials of some of the financial products.
CEO Asoka Woehrmann is set to step down after the company’s annual general meeting on June 9, DWS said. He will be succeeded by Stefan Hoops, who currently oversees Deutsche Bank’s corporate and commercial client activities. [bold, links added]
In a statement, Woehrmann said DWS was profitable and stable despite difficult market conditions.
“At the same time, the allegations made against DWS and myself in past months have become a burden for the company, as well as for my family and me,” he was quoted as saying. “In order to protect the institution and those closest to me, I would like to clear the way for a fresh start.”
Some 50 investigators searched the offices of DWS and Deutsche Bank on Tuesday, Frankfurt prosecutors said.
The raids were triggered by a former manager in charge of sustainability, who claimed that DWS had engaged in “greenwashing” by exaggerating the environmental and climate credentials of certain funds it sold.
Prosecutors said initial investigations showed there were sufficient indications that environmental, social, and governance criteria were not considered in a majority of the funds featured in the company’s sales brochures.
Deutsche Bank said Tuesday that the actions taken by prosecutors were “directed against unknown people in connection with greenwashing allegations against DWS.”
“DWS said that they have continuously cooperated fully with all relevant regulators and authorities on this matter and will continue to do so,” the bank said Tuesday.
Read more at Fox Business
Former East German, Angela Merkel’s Germany had driven Germany’s energy costs to third highest in the world through her delusional wind policy. That’s more than four times what I pay in Saskatchewan, Canada. Climate author Bjorn Lomborg in his climate “False Alarm” makes clear from his beloved Denmark (2nd highest energy costs in the world) that the fake climate crisis is bringing energy poverty deaths back to some of the richest countries in the world. Energy poverty deaths are as many as 300 times those of climate. All while climate death rates have improved tenfold over the last century. There are plenty of problems to solve in the world. A CO2 driven climate isn’t one of them.
Not only has she caused the massive increase in energy costs she also used the Fukushima nuclear accident as an excuse to shut down Germany’s nuclear plants even though there’s no known examples of tsunamis hitting the German coasts! Was this by design to destroy Germany’s economy?