Lawmakers Seek Deutsche Bank Details on Russia Trades, Trump Loans -- Update
25 May 2017 - 6:07AM
Dow Jones News
By Jenny Strasburg
U.S. Democratic lawmakers have asked Deutsche Bank AG to provide
details about its internal reviews into Russian trades and clients,
as well as loans made to President Donald Trump, according to a
letter made public on Wednesday.
Rep. Maxine Waters of California, the ranking Democrat on the
House Financial Services Committee, and four other Democrats in a
letter dated Tuesday asked Deutsche Bank Chief Executive John Cryan
to disclose materials related to any internal reviews into Mr.
Trump's accounts and any connections between those accounts and
Russia.
The lawmakers asked for details of any Deutsche Bank reviews of
whether loans to Mr. Trump "were backed by guarantees from the
Russian government, or were in any way connected to Russia."
The lawmakers also asked for due-diligence documentation and
details of assets and guarantees backing the loans to Mr.
Trump.
Deutsche Bank, which has previously faced similar requests for
information, declined to comment through a spokesman.
More broadly, U.S. investigators, including the Federal Bureau
of Investigation and congressional committees, are looking into any
ties between Russian financial institutions, Mr. Trump and anyone
in his orbit. Russia has denied interfering in the 2016 election.
Mr. Trump has repeatedly denied any collusion between his campaign
and Russia and has said he hopes the probe -- which he has dubbed a
"witch hunt" -- will soon end.
Deutsche Bank has faced months of scrutiny over controls around
its Russia operations, including roughly $10 billion in equity
trades that are a matter of a continuing U.S. Justice Department
investigation, and for its ties to Mr. Trump.
The bank lent more than $300 million to Mr. Trump-affiliated
entities, disclosures show.
Democratic lawmakers in March called for a hearing to examine
Deutsche Bank's ties to Mr. Trump, in part to explore any potential
conflicts of interest in government investigations. The Democratic
lawmakers alone have lacked Republican support to demand documents.
No hearing has been scheduled.
The letter sent Tuesday asks for a response and documentation by
June 2.
In a separate letter sent Tuesday to Treasury Secretary Steven
Mnuchin, Ms. Waters requested that the department's Financial
Crimes Enforcement Network provide any records detailing the
president's financial ties to Russia. The letter singles out Mr.
Trump's business dealings with Deutsche Bank.
The Treasury Department hasn't yet responded to the letter.
Write to Jenny Strasburg at jenny.strasburg@wsj.com
(END) Dow Jones Newswires
May 24, 2017 15:52 ET (19:52 GMT)
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