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Germany: Deutsche Bank’s Morton Said Put on Leave After China Fund Probe
Deutsche Bank AG put its co-head of Asian corporate finance on leave earlier this year after an internal investigation of fund transfers to the German bank’s securities joint venture in China, people familiar with the situation said.
The bank’s compliance department found evidence that indicated that Douglas Morton had allocated revenue to Zhong De Securities Co. for at least one deal that the Chinese firm hadn’t worked on, according to the people, who asked not to be identified because the matter is private. Morton had been seeking to bolster revenue at the loss-making joint venture, the people said.
Reached by phone on Monday, Morton declined to comment. Amy Chang, a Deutsche Bank spokeswoman in Hong Kong, also declined to comment, as did an official from Zhong De Securities.