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Deutsche Bank investigated in market-manipulation probe: Italian media

Xinhua, May 6, 2016 Adjust font size:

Prosecutors in the southern Italian city of Trani have opened an investigation into Deutsche Bank and its former management for alleged market manipulation, local media said on Friday.

ANSA news agency sources said the case was about the sale of Italian state bonds worth around 7 billion euros (8 billion U.S. dollars) in 2011, when the costs of the country's massive debt soared at the peak of the eurozone financial crisis.

Finance police in the past days conducted searches and seized documents in the bank's office in Italian business capital Milan, and questioned various witnesses, including chief country officer for Italy Flavio Valeri.

Yet the investigation was relating solely to the activities of the German office of the bank.

Five former executives of the bank were reportedly being probed, including former Deutsche Bank chief executive Josef Ackermann, former co-CEO Anshuman Jain and outgoing co-CEO Juergen Fitschen.

The probe came after a complaint by Italian bank and insurance consumers' association Adusbef, according to Italy's economic newspaper Il Sole 24 Ore. Enditem