Authorities close German unit of Canada’s Maple Financial

BERLIN – German authorities have ordered the closure of Maple Bank after the Canadian-owned company was investigated for alleged tax evasion and money laundering.

Maple Bank, based in Frankfurt, Germany, is part of Canada’s Maple Financial Group.

The Federal Financial Supervisory Authority said Sunday that it has forbidden Maple Bank from making payments or selling assets “due to impending financial over-indebtedness.” The watchdog, known as Bafin, also banned the bank from taking customer payments other than those made to repay debts.

It says the bank, with assets of 5 billion euros ($5.58 billion) and liabilities of around 2.6 billion euros ($2.9 billion), will have to put aside funds to cover tax payments.

Authorities launched a tax probe of Maple Bank last September.

News from © The Associated Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Join the Conversation!

Want to share your thoughts, add context, or connect with others in your community?

Create a free account

The Associated Press

The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.

Related Articles