Commerzbank in laundering probe

[emad]

Commerzbank, Germany's fourth-largest lender, has confirmed that five executives and former staff are caught up in a Russian money-laundering probe.

Frankfurt prosecutors searched offices last week on Tuesday and Wednesday, the bank said. Premises were also checked elsewhere in Germany and Switzerland.

The investigation alleges that hundreds of millions of dollars may have been siphoned off from Russian state firms.

Commerzbank said it was cooperating with the authorities.
http://news.bbc.co.uk/1/hi/business/4713953.stm

[WhiteTara]

1. so we don't have the monopoly on criminals

after all. But damn, every economy is being ruined by thieves. Hope the bank can recover some of the money.