35950
Germany Shuts Canada Bank
World Economy

Germany Shuts Canada Bank

German authorities have ordered the closure of Maple Bank after the Canadian-owned company was investigated for alleged tax evasion and money laundering, CNBC reported. Maple Bank, based in Frankfurt, Germany, is part of Canada’s Maple Financial Group. The Federal Financial Supervisory Authority said Sunday that it has forbidden Maple Bank from making payments or selling assets “due to impending financial over-indebtedness.” The watchdog, known as Bafin, also banned the bank from taking customer payments other than those made to repay debts. It says the bank, with assets of €5 billion ($5.58 billion) and liabilities of around €2.6 billion, will have to put aside funds to cover tax payments.

 

Short URL : https://goo.gl/tQs8fh
  1. https://goo.gl/fzrWVL
  • https://goo.gl/tFTPlg
  • https://goo.gl/JcGmCQ
  • https://goo.gl/9fhvoT
  • https://goo.gl/Uhh2E4

You can also read ...

Pan-European stocks were down on Friday following falls in Asian and US stocks overnight.
European stocks continued to trade deep into the red on Friday...
Tech Sector Suffering as Brexit Uncertainty Bites
Uncertainty caused by the UK’s decision to exit the European...
Mexico Hit by Major Bribery Scandal
Mexico is the latest country caught up in the swirling scandal...
Indonesia’s First Trade Deficit in 19 Months
Indonesia posted its first trade deficit since late 2015 in...
Sri Lanka  Cuts Taxes
Sri Lanka announced tax cuts and subsidized loans for small...
Malaysia GDP grew 5.8% year-on-year in the second quarter.
Malaysia’s economic growth accelerated unexpectedly to the...
The Industrial and Commercial Bank of China
Chinese banks are set to see a slowdown in lending growth in...
Taiwan Raises GDP Growth
Solid demand for the components Taiwan pumps out for tech...

Trending

Googleplus