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German regulator blames Anshu Jain

German finance regulator BaFin has said Deutsche Bank and its co-chief executive officer Anshu Jain stand charged with deliberately making inaccurate statements to the German central bank to manipulate inter-bank interest rates like Libor. A report from the regulator has strongly criticized both the bank and its senior management for having acted ‘negligently’ and said that Jain ‘knowingly made inaccurate statements’ to Bundesbank during a 2012 interview. The regulator is now investigating their role in manipulating the interbank rates during the financial crisis. Jain, who has resigned from his post effective from 30 June, allegedly told Bundesbank that he was not aware of any manipulation in inter-bank exchange rates during the crisis. However, a statement from the bank said Jain disputes as baseless the allegation that he misled the Bundesbank in his 2012 interview. ‘He understood Bundesbank’s question about when he first learned the rumours of possible IBOR rigging to mean rigging at Deutsche Bank itself which he learned of in 2011, not rigging in the marketplace which was publicly reported on in 2008,’ the bank said.

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