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German Executive Faces Tax InquiryBERLIN — German prosecutors accused one of the country’s most prominent business executives with tax evasion on Thursday after conducting early morning raids on his home and office. Televisions across Germany aired images of Klaus Zumwinkel, chief executive of Deutsche Post and head of the supervisory board of Deutsche Telekom, being led away by investigators. A public statement that the board of management, including Mr. Zumwinkel, “is fully functional and continues its business as usual” indicated that, at least for the time being, he would not be stepping down. Mr. Zumwinkel “has responded in detail to the authorities in charge with respect to the allegations against him and has returned to his home,” the statement said. Prosecutors in the city of Bochum said in a statement that Mr. Zumwinkel was questioned and released by investigators after posting bail. According to prosecutors, he is under suspicion of evading $1.45 million (1 million euros) in tax payments through investments in Liechtenstein. Police conducted early morning raids at Mr. Zumwinkel’s home in Köln and his office at the Post Tower in Bonn. The news adds to the growing streak of ethics problems for German businesses in recent years. The country’s clean image has been tarnished by several scandals. Former executives from the conglomerate Siemens await trial in the wake of a corporate bribery case and Volkswagen has been dealing with a lurid corruption case involving charges of bribery and illicit sex. Mr. Zumwinkel, the leader of Europe’s largest postal service since 1990, is one of Germany’s leading business figures. Shares of Deutsche Post, which owns the package-delivery business DHL, rose 2.8 percent in trading on Thursday, making the company the biggest winner on the German DAX index. There already had been speculation that Mr. Zumwinkel would step down later this year. His contract expires in November and he had previously said that he would make a statement regarding his future this summer. Tag CloudExternal InformationAdditional InformationWhy 36 is the magic number for nuclear...Investing: Signs of Weakness in a Sector Known for Its Strength... Homes Sell, With Discounts... CIT Taps Credit Lines and Talks of Asset Sales... Where Am I?News Main Page - Business - German Executive Faces Tax Inquiry |
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