Ex-Deutsche Bank Russia Equities Head Loses Dismissal Suitby and
The former head of equities at Deutsche Bank AG in Moscow lost a lawsuit over what he claimed was a wrongful dismissal linked to an investigation into possible money laundering at the German lender’s Russian unit.
Tim Wiswell said through his lawyer that he would appeal Monday’s decision, handed down by the same Moscow court that in December threw out similar claims by a colleague, Dina Maksutova, who worked in equity sales.
Deutsche Bank’s lawyer said in court that Wiswell is considered to be the “mastermind of the scheme for the withdrawal of billions of dollars from the country.”
Wiswell is seeking 31 million rubles ($410,000) in compensation for his August dismissal and plans to file an appeal.
“Our chances are good,” Ekaterina Dukhina, a lawyer for Wiswell, said in a telephone interview. “All the evidence of the rightness of our case was presented in the materials. It’s an unexpected decision.”
The Russian central bank fined Deutsche Bank about $4,200 for compliance failures in a probe into alleged trading violations at the Moscow office, saying the lender had fallen victim to an illegal scheme, according to people familiar with the matter.
Germany’s largest lender still faces investigations in the U.S. and U.K. for as much as $10 billion in suspicious transactions it has identified as not being properly vetted as clients moved money offshore, the people said.
U.S. and U.K. officials are looking at more than three years of so-called mirror trades in which clients bought Russian blue-chip stocks for rubles in Moscow and simultaneously sold them in London for dollars, people familiar with the investigations have said. Deutsche Bank said in October that its own investigation found violations of its internal policies and deficiencies in controls related to the transactions.