Germany: Investigation launched against KfW bank

Updated Thursday, October 23, 2008 11:32 am TWN, AP

Germany: Investigation launched against KfW bank

BERLIN -- German investigators and prosecutors searched the Frankfurt offices of KfW bank on Wednesday morning as they opened an investigation into whether the bank committed a criminal breach of trust by transferring euro319 million (US$410 million) to Lehman Brothers just as the investment bank went into bankruptcy.

Frankfurt state prosecutors said in a statement that they and federal investigators would determine whether managing board members acted criminally by allowing the transfer on Sept. 15 — the same day Lehman made the biggest bankruptcy filing in U.S. history.

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