Stichting Vestia, a Dutch affordable-housing provider that nearly collapsed as a result of derivatives losses, is suing Deutsche Bank AG, saying the bank is responsible for bribery.
The bank paid 3.5 million euros ($3.9 million) in commissions to a Dutch company, First in Finance Alternatives, Vestia alleges. About 1.75 million euros of that went to Vestia’s treasury and control manager Marcel de Vries, who single-handedly conducted Vestia’s derivatives trading, the housing group said.
The bank may have paid commissions to First in Finance Alternatives — referred to as FIFA — at De Vries’ personal request, Vestia said in court filings for a hearing in London on Wednesday, where it accuses the bank of “wining and dining and entertaining him to an excessive degree.” De Vries and Arjan Greeven, an intermediary who traded under FIFA’s name, were convicted of bribery in the Netherlands last year.
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