Deutsche Bank, reportedly, helped its customers maintain more than 300 secretive offshore companies and trusts through its Singapore branch, according to The International Consortium of Investigative Journalists (ICIJ).
More than 100 customer consultants at Deutsche Bank Singapore, reportedly, assisted in creating or managing 309 offshore entities for its customers in the British Virgin Islands (BVI) and other tax havens, which has been revealed by secret records that are said to have been leaked by Britain’s offshore financial industry.
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Most of the companies have fantasy names such as "Thrilling Returns Incorporated," "Amazing Opportunity Limited" or "Market Dollar Group Limited." Public sources don’t show any business activities for most of these companies.
Deutsche Bank registered the entities with the assistance of Portcullis TrustNet, an offshore services provider headquartered in Singapore. Many companies list Deutsche Bank subsidiary Regula Limited as their directors.
Investigation is also said to have been carried out by German newspaper Sueddeutsche Zeitung, German public broadcaster NDR, alongside ICIJ.
A Deutsche Bank spokesman in Frankfurt, reportedly, declined to answer a detailed list of questions from NDR and Sueddeutsche Zeitung, but gave general comments.
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