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Global Contagion Report: Deutsche Bank AG

Country: Japan

Company Involved: Deutsche Bank AG

Industry: Banking and securities

Individuals: Shigeru Echigo, a director of Deutsche Securities Inc. and a former Mitsui pension executive, Yutaka Tsurisawa

Enforcement Action: Arrests

Summary:

Shigeru Echigo, 36, a director of Deutsche Bank AG’s Japanese brokerage unit and its pension solution sales department was arrested Thursday on suspicion of bribery. He allegedly spent nearly $9,000 entertaining a former Mitsui pension executive with trips abroad, rounds of golf, and wine and meals from April to August 2012, according to Japanese police. Deutsche Bank spent a total of 6.3 million yen ($62,000) entertaining clients on about 100 occasions from 2010 to 2012, authorities said.

Former Mitsui pension executive Yutaka Tsurisawa, 60, was also arrested. Tsurisawa bought nearly $10 million of financial products from Deutsche Bank for the pension fund.

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