(Bloomberg) Boaz Schwartz, Deutsche Bank AG’s chief executive officer in Israel, was detained over alleged value-added-tax violations involving the company’s clients, the latest setback in the German firm’s attempts to end years of legal issues and misconduct.
Schwartz, suspected of misreporting 550 million shekels ($146 million) of transactions, was detained Tuesday, a day after tax authorities raided the bank’s local offices, seizing executives’ laptops and mobile phones, according to a statement from the Israel Tax Authority. He was freed under condition by Judge Karen Miller of the Jerusalem Magistrate’s Court.
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