Deutsche Bank Caught In Spying Scandal

insidertradingsecrets tbi

Remember when HP got in trouble for spying on its own boardmembers in order to catch a leaker?

This is like that, only it’s a bank and it involves spying on shareholders too.

Der Spiegel: An investigation commissioned by Deutsche Bank has revealed that Germany’s largest bank spied on several of its management board members, supervisory board members and on at least one shareholder. The 150-page report was prepared by legal firm Cleary Gottlieb Steen & Hamilton.

In 2006 the internal security department received the delicate order to check contacts between board members and Munich-based media magnate Leo Kirch and his associates.

External detective agency Bühner Private Risk Advisors was commissioned with the task. But the head of the agency, Bernd Bühner, denies this. He said he was at no point ordered to spy on Deutsche Bank management or supervisory board members.

The operation was in response to legal action brought by Kirch, who blamed former Deutsche Bank CEO Rolf Breuer for the collapse of his company. Kirch’s lawyers had managed to obtain sensitive information from within Deutsche Bank’s management.

Read the whole thing >

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.