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German savings bank association chief resigns over tax returns
November 17, 2017 / 3:29 PM / a month ago

German savings bank association chief resigns over tax returns

FRANKFURT, Nov 17 (Reuters) - The German Savings Banks Association said on Friday its president is stepping down after filing late tax returns.

Prosecutors said last week they were investigating Georg Fahrenschon for possible tax evasion. He subsequently disclosed that he filed his tax returns for the years 2012 through 2014 in 2016, but said he did not break the law.

“Filing my private tax returns late was wrong,” Fahrenschon said on Friday. “At no time did I, under the supervision of my tax adviser, intentionally act against the law.”

Fahrenshon’s resignation is effective Nov. 24.

German savings banks, owned by local governments, play a major role in the economy, together operating some 18,530 branches and employing about 320,000 people.

The association said vice president Thomas Mang and two board members would run it until a new president is elected, which Mang said would be as soon as possible. (Reporting by Tom Sims; editing by Alexander Smith)

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