Six jailed over tax evasion in carbon permit trade

Carbon permits The fraud was carried out through Deutsche Bank

Related Stories

A German court has jailed six men over a 300m euro ($391m; £249m) fraud selling carbon emission permits through Deutsche Bank.

Three Britons, two Germans and a Frenchman were given jail terms of between three years and seven years 10 months by a Frankfurt court.

They bought the permits overseas and paid no tax, then resold the permits to each other to claim back tax illegally.

Deutsche Bank said there was no evidence it had done anything wrong.

Under EU rules, limits are set on the amount of carbon dioxide companies emit, and those polluting less can sell 'credits' to those that need more.

The fraud, which took place between September 2009 and April 2010, was carried out via Deutsche Bank, where seven staff members are still under investigation by authorities.

Judge Martin Bach said: "An important instrument of environmental policy has been hijacked to become an instrument of personal enrichment".

More on This Story

Related Stories

More Business stories

RSS

Features

  • RihannaCloud caution

    After celebrity leaks, what can you do to safeguard your photos?


  • Cesc FabregasFair price?

    Have some football clubs overpaid for their new players?


  • Woman and hairdryerBlow back

    Would banning high-power appliances actually save energy?


  • Rack of lambFavourite feast

    Is the UK unusually fond of lamb and potatoes?


  • Members of staff at James Stevenson Flags hold a Union Jack and Saltire flag UK minus Scotland

    Does the rest of the UK care if the Scots become independent?


BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.