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Article

11 May 2007

Author:
Hugh Williamson, Financial Times

Deutsche Bank admits to Turkmen accounts

Deutsche Bank has confirmed for the first time that for more than a decade it has been managing funds in the central bank of Turkmenistan, whose former president has been criticised by human rights groups as highly repressive...Hanns Michael Hölz, Deutsche Bank's sustainability compliance officer, said the deceased dictator did not have control over central bank funds - an allegation challenged by Turkmenistan experts...Holger Haibach, a senior legislator from German chancellor Angela Merkel's Christian Democrats and deputy chair of the parliament's human rights committee, told the FT he was concerned about Deutsche Bank's confirmed role in Turkmenistan.