But the German lender profited from servicing customers that specialized in such transactions, according to people familiar with a German criminal investigation and an internal review seen by Bloomberg. Steven Reich is now CEO of Deutsche Bank Trust Co. Americas. Find your friends on Facebook. The documents were obtained as part of a European media investigation coordinated by non-profit newsroom Correctiv. Read this Term scandal. He will report to me and become a member of my Executive Committee. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europe's Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX. Prosecutors have been conducting a criminal probe into some of the biggest names in European and U.S. finance, looking at the roles played by banks, law firms and others. Insight and analysis of top stories from our award winning magazine "Bloomberg Businessweek". [4], Ackermann agreed at the end of 2009 to continue as chief executive of Deutsche Bank for another three years until 2013. Priti and Shilpa found work-family balance when they resumed their careers. Joe Salama succeeds him as bank's Americas general counsel. The change will be effective as of July 1st to ensure a smooth transition. According to one of the Freshfields reports dated Nov 28, 2013, Deutsche lent shares to Seriva, a client involved in cum-ex, via a chain of brokers in 2008. [8], Days after retirement and on the eve of a conference call by G7 finance ministers and central bank governors on the continuing European debt crisis, Ackerman said in a speech to the Atlantic Council that "Germany will ultimately take whatever steps [are] necessary to keep the euro zone intact", according to one report. The Deutsche Bank spokesman declined to comment on Seriva. More: The Tax Dodge That Cost the German Treasury Billions of Euros. In March 2019 the New York Times reported that Ackermann was aware of the business dealings between the New York branch of the bank and Donald Trump. Salama has been with the bank for more than ten years and currently serves as global head of litigation and regulatory enforcement, as well as general counsel for the Americas. The information you requested is not available at this time, please check back again soon. According to a Reuters report published on Friday, the German bank misled authorities into thinking that certain stocks had multiple owners. [14], In June 2010, Penna was highlighted by CNN Money on their Best Jobs series. The April 16 report said that the banks controls over the trading desk headed by Pearson were too weak and this was a serious shortcoming. Joe is currently based in Florida. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. This special highlights the best of the fifth annual event which was held in Singapore from November 14-17. Democratizing Investing: A Revolution in the Making? Results: 4934. Banks or Fintechs Who will be shaping the future of the financial industry? Subject to regulatory approvals, Salama will succeed Stephan Wilken on July 1, Stefan Simon, Deutsche Bank's Chief Administrative Officer, said in the memo. 2/5/2023 1:06 AM. Pearson and Penna left Deutsche Bank in 2009 to join Ballance Group, an asset management company that advised funds and other market participants who engaged in Cum-Ex transactions. [24] Its theatrical premiere was on February 1, 2019. This email has been sent to all employees in Chief Administrative Office today. In 2007, Penna was one of the first YouTube channels to receive mainstream media coverage, including attention from DC Fox News,[7] after his video The Puzzle was featured on the front page of YouTube. Joe Ravi // Shutterstock #89. He served as chairman of the board from 2002 to 2012. All quotes delayed a minimum of 15 minutes. And so Deutsche Bank all of a sudden became one of the most aggressive places to work on Wall Street. Will Covid-19 be an opportunity or threat to sustainable development? Over the past 2 years, the bank has invested substantially in building its capabilities in Financial Crime Risk management. Richard Carson was most directly responsible for this shortcoming as the direct supervisor of the manager of the trading desk, the report said. See here for a complete list of exchanges and delays. Terms, Cookies He declined to comment further. or. The spokesman for Deutsche Bank declined to comment. Reuters could not find any remaining parts of Ballance. Deutsche made at least 18 million euros in interest and in the sale of financial products to Ballance, the Freshfields report said. The country "is moving cautiously because it simply fears that countries on the European periphery will stop reform measures if they see that Berlin is going to guarantee everything", he continued.[13]. Some Ballance units were dissolved. Among key figures involved in Cum-Ex work at Deutsche Bank, the people said, were Simon Pearson and Joe Penna, former managers who left the bank in 2009. Deutsche Bank announces additional measures to reinforce net zero commitment, Deutsche Bank and WWF agree on cooperation, A message from Christian Sewing on our full-year results 2022, Deutsche Bank reports 2022 profit before tax of 5.6 billion, Deutsche Bank publishes 2023 SREP requirements, Christian Sewing: "We need an Agenda 2030 for Europe", Global Advisory Board to advise Deutsche Bank on key trends in business and politics, A message from Christian Sewing on Q3 results 2022, Copyright 2023 Deutsche Bank AG, Frankfurt am Main, 0 Deutsche Bank ( CEO, 2002-2012) Bank of Cyprus ( Chairman, 2014-2019) Josef Meinrad Ackermann (born 7 February 1948) is a Swiss banker, former Chairman of the Bank of Cyprus, and former chief executive officer of Deutsche Bank. Market Intelligence Manage Cookies, Deutsche Bank Execs Were Aware of Tax Fraud Scheme. One part of the audit addresses Deutsche Banks decision to lend money to companies what the audit calls provision of finance -- so that those companies could carry out cum-ex trades and the discussion of risks to its reputation. Deutsche Bank launched its US intermediate holding company, DB USA Corporation, on July 1, 2016, under which most of its US-based operations were consolidated as required by the Dodd-Frank Act. Deutsche Bank 24 years 4 months Managing Director - Structured Finance - Head of West Coast Deutsche Bank . Joe will be based in Frankfurt and in New York to ensure close collaboration with all our regulators. Q1. In 2009, Penna directed an ad in collaboration with Rhett and Link titled T-Shirt War. College of the Holy Cross - Mid-career pay: $127,100 - Early career pay: $65,600 - Percent high meaning: 48% . One part of the audit addresses Deutsche Banks decision to lend money to companies what the audit calls provision of finance so that those companies could carry out cum-ex trades and the discussion of risks to its reputation. In order for the scheme to work, Deutsche Bank would loan money to firms which would then make trades which, in turn, they could then claim tax credits on. The industry leader for online information for tax, accounting and finance professionals. Freshfields said in the report that staff at Deutsche and Seriva were aware that no withholding tax had been levied. Deutsche Bank AG has a new leader for its U.S. entities in Steven Reich, previously general counsel for the Americas at the German . Joe Ravi // Shutterstock Show More Show Less. Found email list ings include: j***@db.com. [5], On September 11, 2005,[6] Penna launched a second YouTube channel, where he uploads his making-of videos and vlogs. The authorities say the scheme, called cum-ex and involving several other global banks, cost the state 5.6 billion euros in rebates that should not have been paid. I am pleased to announce that the Management Board has appointed Joe Salama as Global Head of Anti-Financial Crime (AFC) and Group Anti Money Laundering Officer. We will continue to strengthen our controls and increase collaboration within the AFC function as well as our collaboration with the business lines and the tech organization. Strengthening Deutsche Banks control environment is a key priority for the Management Board and for each and every one of us. The summit runs Nov. 17 - 19 and addresses current global challenges, digitisation and disruption, innovation and shifts in economy. rights reserved.For more information, read our A person involved in the case gave Reuters the name of a lawyer he said represented Pearson and Penna. , Bloomberg. trending "Fantstico: Brasileiro larga a medicina e ganha dinheiro fazendo vdeos no YouTube", "Joe Penna / MysteryGuitarMan about page", "Amazing Stop Motion T-Shirt War (VIDEO)", "Saatchi & Saatchi New Directors Showcase Bows in Cannes Extreme Reach", "YouTube and Guggenheim showcase video artists", "CNN YouTube search for most creative videos", "MysteryGuitarMan Joe Penna Brings Interactive Thriller To Rides.tv", "MysteryGuitarMan is the latest YouTube star to get his own TV show", "Mads Mikkelsen To Star In Thriller 'Arctic' From Armory Films", "Mads Mikkelsen on Surviving the Polar Wilderness in 'Arctic', "Cannes Film Festival 2018: Spike Lee, Jean-Luc Godard, Jafar Panahi In Competition; Whither Von Trier? White House: Unacceptable for states to target access to federally approved abortion pills, LabMD loses lawsuit accusing FTC of conspiring in hacking, Reporting by Matt Scuffham NEW YORK, May 18 (Reuters) - Deutsche Bank (DBKGn.DE) has appointed Joe Salama, its U.S. general counsel, as global head of anti-financial crime (AFC) and group anti money laundering officer, the bank said in a memo to employees on Tuesday. Reuters does not know whether the Freshfields documents are the final versions, but prosecutors have been given the summary for use in their investigation, according to a letter sent to the chief prosecutor, seen by Reuters. facebook; twitter; linkedin; pinterest; Laura Scott ankleboot Nero Nuovo PUMPS schnrpumps Scarpe da donna 10cm paragrafo. They are dated from 2013 to 2015 and marked highly confidential. But now it has a bigger problem: farmers are revolting against restrictions on how they repair complex equipment. A spokesman for Freshfields declined to answer any questions for this story. The company also acted as a custodian and issued tax certificates needed for the deals, they said. See Photos. Deutsche Bank said that it never "participated in an organized Cum-Ex market, neither as a short seller nor as a Cum-Ex buyer." I am convinced that together we will be able to achieve our objectives. Now, its approaching the highest levels of the German lender, with three key figures -- investment banking chief Garth Ritchie, former co-Chief Executive Officer Anshu Jain and his predecessor Josef Ackermann -- among 80 suspects linked to the bank and being probed by prosecutors in the so-called Cum-Ex affair, according to people familiar with the matter. One of the audits points to failings by two traders, Simon Pearson and Joe Penna, and to other management shortcomings. The bank granted the new client a credit rating, and as part of its prime brokerage arrangement, provided 15- to 20-fold leverage on the funds capital of 32.7 million euros, the report said. In 2010, Penna's Root Beer Mozart"l was featured on CNN's morning show Morning Express with Robin Meade and on Germany's nationally broadcast Taff show. Its anti-money laundering and financial crime procedures continue to be the subject of scrutiny from regulators. It granted one fund a loan of 942 million euros for the trades; another, 743 million euros. For example, Deutsche Bank issued a company called Seriva with 5.8 million euros of tax certificates, allowing the firm to make claims for tax rebates. Nummus specialized in Cum-Ex deals, and the men would have known the nature of its work because of the material they reviewed, according to the report. Rating(s), 5 Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, iPhone Maker Plans $700 Million India Plant in Shift From China, S&P 500 Notches Best Week Since Late January: Markets Wrap, Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, Zoom Abruptly FiresPresident Greg Tomb Without Cause. In November 2014 he was elected as chairman of the board of directors of the Bank of Cyprus following the proposal of the new major shareholder of the bank Wilbur Ross, who later became the Commerce Secretary in the Trump Administration. Jan 2017 - Jun 20214 years 6 months. It was shot in Iceland and stars Mads Mikkelsen. Deutsche Bank used tools in its Data Lab in Ireland and open source libraries to mine the bank's information for opportunities. The law firms report, delivered in 2013 and seen by Bloomberg News, describes how Pearson brought on Nummus as a new client. It garnered international attention. Laura Scott ankleboot Nero Nuovo PUMPS schnrpumps Scarpe da donna 10cm paragrafo Qualit di eccellenza Autentico Merchandise Alta qualit, sconti elevati ctexperiential.org, 58.88 Le migliori offerte per LAURA SCOTT ANKLEBOOT SCHWARZ NEU PUMPS SCHNRPUMPS DAMEN . research and events with special focus on electronic trading, banking, and A Corporate Bank as hub for corporate and commercial clients. Stephan and his team has developed, and commenced implementation of, the banks AFC Strategy to address the foundational requirements for robust financial crime risk management. Each of these owners would then be eligible for a dividend and, significantly, a tax credit. He was a non-executive director of Vodafone from 2000 to 2002. Email. Serivas manager, who asked not to be named, said that the company had received no rebates because of the investigation by tax authorities. See here for a complete list of exchanges and delays. There are lots of indications that some managers discussed the reputational risks of Deutsche Banks involvement in a share-trading scheme that is the subject of Germanys biggest post-war fraud investigation, according to a conclusion in one of five internal audits. A German probe found that Deutsche Bank even had a profit-sharing agreement with one firm that specialized in the transactions, according to people familiar with the findings. content Authorities grew suspicious and refused to pay Nummus any tax refunds, according to a public filing. How can companies and decision-makers reset for growth beyond corona virus. Climate emergency: can green tech save us? Deutsche made at least 18 million. Ballance also hired several other Deutsche Bank employees to work on the Cum-Ex deals. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars worth of criminally derived money are laund Joe Penna Sr ESE at Phoenix Contact Independence, OH Joe Penna Principal Owner at PHNX Development San Juan Capistrano, CA 60 others named Joe Penna are on LinkedIn See others named. For over a decade, one of the biggest financial scandals in German history has been snaking its way through Deutsche Bank AG. Read More . In addition, the bank has significantly upgraded its skill-set across all AFC risk disciplines, making senior subject matter expert hires in different jurisdictions in order to address regulatory short-comings. Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Now, its approaching the highest levels of the German lender, with three key figures -- investment banking chief Garth Ritchie, former co-Chief Executive Officer Anshu Jain and his predecessor Josef Ackermann -- among 80 suspects linked to the bank and being probed by prosecutors in the so-called Cum-Ex affair, according to people familiar with the matter. 18 of 152 19 of 152 #89. Joe Salama will split his time between Frankfurt and the U.S., as the bank tries to keep a close relationship with U.S. authorities Germany's Deutsche Bank has run into problems with. Pearson and Penna, the two Deutsche Bank traders, left to work for Ballance in 2009, when they became part owners, according to the Freshfields documents. View Joe Pehar's profile on LinkedIn, the world's largest professional community. Even though evidence is not clear-cut, there are a lot of indications that the staff of SETG (Strategic Equities Transactions Group) and managers, who were responsible for Prime Brokerage at the SEF-IM (Structured Equity Finance - Inventory Management) trading desk, discussed the reputational risk for Deutsche Bank from its provision of finance in January 2009 and came to the conclusion that this was acceptable, one of the Freshfields audits said. Copyright 2023 Ministry of Information. Will greater investment in water resources make for a more sustainable future? Investment Bank Private Bank Awards Client logins Locations worldwide Mobile services Reports Responsibility Sustainability Sustainability Deep Dive Society Art, Culture & Sports Responsibility reports Focus topics Cloud Corporate venture capital Deutsche Bank at COP Digital disruption Entrepreneurial success Innovation network Responsible growth Numerous probes are ongoing. They allowed multiple investors to claim a refund on a dividend tax that was paid only once, according to German authorities. A German lawyer for Pearson declined to comment. German authorities say that dozens of banks and brokerages in London and other global financial hubs helped investors siphon off billions of euros from the national treasury with the transactions over the course of a decade. Contact Head Office U.S.A. Deutsche Bank One Columbus Circle New York, NY, 10019 Telephone: +1(212) 250-2500 and PDF Presentation Fixed Income Call. In 2008, Pearson was a managing director and Penna a director in Deutsche Banks London-based prime finance unit, according to an investigation the bank commissioned by Freshfields Bruckhaus Deringer LLP into its dealings with Nummus Financial GmbH. People named Joe Penna. He is a member of the Steering Committee of the Bilderberg Group. Reuters has seen the Freshfields documents, as well as thousands of pages of bank files, correspondence and court documents relating to the cum-ex case. S ince upping sticks from Dublin in 2012, the former Celebrity Big Brother star has been jet-setting around the world with her. Regulators around the world vigilantly monitor the progress we have made, and we are working diligently to comply with the requirements. Nummus went through a customer acceptance procedure, with Deutsche Banks legal department reviewing the contracts and the credit risk management unit conducting due diligence, including a review of the business model and the trading strategy, according to the report. In 2009, Penna was again seen on the front page of YouTube with his video Guitar: Impossible, which has been covered by De Wereld Draait Door, the highest-rated primetime show in the Netherlands. We will update you on our priorities and respective changes in the organization by mid of June. The audits were prepared by Freshfields in Germany and London. In order for the scheme to work, Deutsche Bank would loan money to firms which would then make trades which, in turn, they could then claim tax credits on. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars worth of criminally derived money are laund The new details of the case come at a difficult time for Deutsche Bank as it tries to repair its public image and relations with Berlin after a series of fines relating to other trading scandals. Deutsche Bank commissioned law firm Freshfields to write the five audits as part of an internal investigation into its role in cum-ex trading between 2006 and 2011. [16][17], In 2012, Penna co-wrote and directed an original interactive thriller series titled Meridian starring Orlando Jones and Rick Overton in conjunction with Fourth Wall Studios. investing. At the core of the new division is the Global Transaction Banking (GTB) business which is an established market leader in Europe, with on the ground presence in 60 countries, The Investment Bank focuses on its traditional strengths in financing, advisory, fixed income and currencies. May 20, 2021 at 03:29 PM. Senior Sales Representative Comm/Data at Graybar. That compares. [12], Following the success of the original, Penna and the original cast were hired to produce a national television and cinema spot for Coca-Cola and McDonald's. How cloud technology is silently revolutionising our economy. [8] On December 6, 2009, Penna was featured on FM4, an Austrian national radio station. Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. [3], By January 2011, MysteryGuitarMan became the most subscribed channel in Brazil. Sha'ban 11, 1444 H, EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI. In recent years, Joe has negotiated almost all of our major AFC-related legal settlements and has been a key contact for our monitors as well as for regulators and enforcers worldwide. Report: Internal Deutsche audit details links to 'cum-ex' scandal, Banking Essentials Newsletter: Feb 22nd Edition, Wells Fargo Securities Now Available in S&P Globals Aftermarket Research Collection, A Central Bank Gains Market Intelligence to Support its Supervision and Stability Roles, According to Market Intelligence, February 2023. Joe Penna Deutsche Bank Alias or nickname Find other people named Joe Pennas General Info at Deutsche Bank Not who you're looking for? Pearson did not respond to multiple emails sent to him at his new company in Gibraltar. The documents, seen by Reuters, suggest that Deutsche traders discussed the associated reputational risk and concluded that it was acceptable, although they add that the evidence is "not clear-cut.". Reuters claims that Pearson and Penna acted as middlemen in these deals. One of the five documents is a summary that was handed to the prosecutors in May 2017. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Ford selected Penna as a Fiesta Agent for the 2009 Ford Fiesta Movement. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. It has not been a good couple of months for Deutsche Bank. FRANKFURT (Reuters) - There are lots of indications that some managers discussed the reputational risks of Deutsche Banks involvement in a share-trading scheme that is the subject of Germanys biggest post-war fraud investigation, according to a conclusion in one of five internal audits seen by Reuters. Attempts to reach Penna were unsuccessful. Barclays Capital, and Deutsche Bank. Penna maintains the YouTube channel MysteryGuitarMan. One of the five documents is a summary that was handed to the prosecutors in May 2017. Joe Ravi // Shutterstock #89. The bank issued tax certificates for withholding tax that had never been deducted and made loans to clients to allow them to participate in the scheme to claim tax rebates, according to the audits. Oct. 29, 2020, 11:20 AM. Full List", https://en.wikipedia.org/w/index.php?title=Joe_Penna&oldid=1131180368, Brazilian expatriates in the United States, Short description is different from Wikidata, Articles containing potentially dated statements from January 2019, All articles containing potentially dated statements, Creative Commons Attribution-ShareAlike License 3.0, Guitar, bass guitar, drums, keyboards, vocals, This page was last edited on 2 January 2023, at 23:15. For CEO Christian Sewing, whos trying to turn the tide at Germanys biggest bank after years of painful missteps, the escalation couldnt come at a more precarious time. A German probe found that Deutsche Bank even had a profit-sharing agreement with one firm that specialized in the transactions, according to people familiar with the findings. j***@db.com. In the shadow of a turbulent future, The Bloomberg New Economy Forum brought together world leaders for face-to-face discussions on the global threats we face. Sign Up. News. FRANKFURT, Jan 27 (Reuters) - Deutsche Bank delivered its most profitable year in a decade on the back of a dealmaking bonanza, strengthening Chief Executive Christian Sewing's hand as he. Carson has since left Deutsche Bank. Deutsche Bank commissioned law firm Freshfields to write the five audits as part of an internal investigation into its role in cum-ex trading between 2006 and 2011. A series of internal audits commissioned by Deutsche Bank and carried out by Freshfields looks at the bank's loans to companies that carried out this type of trade. In what is being described as Germanys largest post-World War Two fraud scandal, audits into a tax rebate scheme run by Deutsche Bank have allegedly revealed that senior management at the firm was aware that they were scamming the government. Group Tax confirmed in March 2009 the provision of leverage for cum-ex trades through Deutsche Bank.. The tax certificates existed until 2017, when Deutsche Bank canceled them, two people with knowledge of the matter said. Reuters, Saturday, March 04, 2023 | Some Deutsche Bank AG managers may have discussed the reputational risk of issuing withholding tax certificates at the center of a "cum-ex" share trading scheme, Reuters reported Jan. 4, citing an audit by Freshfields. From raising children, to caring for family members, taking a career break can be challenging, but these experiences away from the office can expand skill sets and widen perspectives. News. Some Deutsche Bank managers may have discussed the reputational risk of issuing withholding tax certificates at the center of a Joe Penna. The audits were prepared by Freshfields in Germany and London. PDF PDF (Q1 2018 results) PDF PDF (Ad-hoc release strategy) PDF PDF (Release strategy) PDF PDF (Q2 2018 segment and financial statements structure) XLS (Q2 2018 segment and financial statements structure) PDF PDF. German prosecutors say the schemes participants misled the government into thinking a stock had multiple owners on its dividend payday who were each owed a dividend and a tax credit, according to court documents. John Deere boasted record profits in 2021 and finally struck a deal with striking union workers. [7] His included bonus in 2009 was 8.2million and 7.1million in 2010. /marketintelligence/en/news-insights/trending/bNfD9yUmwF2-mqAqA1EEoQ2 Log In. The practice was named after the Latin term cum/ex, meaning with/without, because the stocks were sold with and delivered without a dividend payment. The German bank is embroiled in a probe into the cum-ex trades, a dividend-stripping technique used to avoid paying taxes. Reuters also contacted his spokeswoman by email, who did not respond. Deutsche Bank acted as the prime broker for several Cum-Ex investors that were Ballance clients, according to the probes findings. Within 6 hours, it became the third most subscribed channel in Brazil.[1]. In February 2017, Penna began production of his directorial debut feature film, Arctic. The Annual Report 2021 includes an overview of Deutsche Bank, the management report with the compensation report, the bank's audited consolidated financial statements, the corporate governance statement and supplementary information. (Bloomberg) -- For over a decade, one of the biggest financial scandals in German history has been snaking its way through Deutsche Bank AG. He registered the channel on June 16, 2006. A 2012 reform of the tax code stopped the practice, and the current debate centers on whether the trades were legal before that. February 18 2016 07:44 AM It's hard to keep up with Georgia Penna. Two traders, Simon Pearson and Joe Penna, appear to have been the key figures involved in enabling the scheme to take place. Our Standards: The Thomson Reuters Trust Principles. Photographer: Krisztian Bocsi/Bloomberg The audits were prepared by Freshfields in Germany and London. PDF Transcript Fixed Income Call. The appointment is subject to final regulatory approvals. Corporate title. Reuters received no response to two emails sent to his company. Stephan will assume a new responsibility within our bank, which we will announce in due course. [19] Xploration Station went on to receive eight Daytime Emmy Award nominations. Seriva obtained withholding tax certificates from DB Frankfurt, the report said, adding later: Employees of DB London knew that no withholding taxes had been levied..