Bribed Housing Exec Hid Deutsche Deal Risk, Ex-Chief Says

Law360, London (May 14, 2019, 7:50 PM BST) -- The only employee at a Dutch housing organization who knew how exposed its investment portfolio had become was an executive Deutsche Bank allegedly bribed to secure derivatives deals that cost the property provider €840 million ($940 million), the group's former head testified in London on Tuesday.

Gerard Erents was the first witness called by claimant Stichting Vestia, one of the largest providers of affordable housing in the Netherlands, in its bribery case against the German banking giant. The organization’s former interim director said under cross-examination that Vestia’s former treasury and control manager, Marcel de Vries, maintained an incomplete spreadsheet accounting for the...

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