Corruption Probe Sours German Property Scene

Evening Standard - London › January 25, 2005

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Summary

GERMANY's already-troubled property market has been rocked by massive losses at the country's major banks and a government probe into corruption allegations at two others.

HVB Group has announced it is writing off e2.5 billion (Pounds 1.7 billion) on its property portfolio for 2004, while Frankfurt prosecutors investigate five former executives of DekaBank's Immobilien Investment unit and Deutsche Bank's DB Real Estate unit on claims of illegal payments tied to property transactions, some in Britain.

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Corruption Probe Sours German Property Scene

The banking executives, architects, property brokers, construction companies, fund managers and p...

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