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German Bank Gets $16 Million Fine in Danish Dividend Fraud Case

Views Of Frankfurt's Financial District As German Economy Boosted By Domestic Demand

Photographer: Krisztian Bocsi/Bloomberg

North Channel Bank of Germany has received a 110 million-krone ($16 million) fine in the first verdict to be passed in Denmark as the country investigates a vast dividend tax scandal.

The bank was found guilty of aiding other parties in defrauding Denmark of 1.1 billion kroner, the Copenhagen-based State Prosecutor for Serious Economic and International Crime said in a statement on Monday.