Michele Faissola is considered to be one of the most powerful and most secretive bankers in Europe. There are hardly any photos of him. At Deutsche Bank he was one of the so-called army of Ex-chief Anshu Jain. 2015 Faissola had to leave the German Bank, under pressure from the German financial Supervisory authority. Since then, however, he advises the former ruler of the Emirate of Qatar, to participate with their oil billions to European companies – such as Deutsche Bank.
Qatar’s sovereign wealth Fund is a shareholder of the Bank Credit Suisse. The Al Thanis, the Luxembourg banking group KBL, the Ex-UBS Manager Urs directs Zeltner heard. Zeltner should be responsible for the Qataris in the Supervisory Board of Deutsche Bank, but failed due to the resistance of the supervision, since he is the boss of a competing Bank.
judgment ten years later
perhaps The most ominous Episode in the professional life of Michele Faissolas played in the Tuscan Institute Monte dei Paschi di Siena Bank was founded in 1472, is the oldest credit institution of the world. In the financial crisis had speculated the third-largest Bank in Italy, and would the state need to be saved. In a miraculous way, but the Bank was healing at the time, again, just to get many years later, problems again.
In this rescue Faissola, who was then still in the employ of the Deutsche Bank played a Central role – for which he must now, ten years after the rescue, possibly to prison. On Friday of last week a court condemned in Milan and him and twelve other bankers because of balance falsification to several years in prison. Four years and eight months the verdict for Faissola, but this is not yet legally was.
The case goes back to the years 2002 to 2008 came out but only in 2013 according to research by the Italian and German banking supervision and ended up in court. In the opinion of the Italian criminal tracker 2008 Banker of the Deutsche Bank, Monte dei Paschi and the Bank Nomura, from Japan, took an illegal Plan to conceal losses in the amount of approximately 370 million euros.
Apparently, only one employee was at Deutsche Bank at the time, concerns about the business.
Meticulously, has been signed by the news Agency Bloomberg, was succeeded as the German Bank had at the time, the losses suffered by the client Monte dei Paschi disappear. The highlight of a derivatives transaction between the two banks, in which the Italians were able to transfer their losses with a blow of the German Bank was, of course, not in vain, but for a fee of a total of 60 million euros, collateral and promise to pay the money, the years back.
Illegal accounting fraud was the, now says the court in Milan. All quite legal, say the defenders of the accused. Also, Deutsche Bank has not started the business at the time, by the way, in the balance sheet, which is why the process is only an Italian banking scandal, but also once again shows why the confidence of the financial markets, Deutsche Bank is not prepared to date again.
knew What the Bank’s chief?
Apparently, at that time, only one employee had with the frankfurters concerns about the business: William Broeksmit, at the time of senior staff of the risk Department. The transaction mountains reputational risks, he left Faissola know. “We should provide the business Anshu,” he wrote, according to Bloomberg in an E-Mail to Faissola. If that is done, but could illuminate neither the court nor the financial supervision. Anshu Jain says he’s been involved in the business never.
Today, Michele Faissola still has influence. As a financial Advisor to the Qatari ruling family of Al Thani is it going to be, for example, to him, that the Bank held as long as on the oversized investment banking. Also in the current Bank leadership, he is networked: The new designated law, the Bank’s management Board, Stefan Simon, the Qataris are also close to, was Faissolas lawyer in the Libor case, the Manipulation of interest rates.
Created: 14.11.2019, 10:17 PM
