Bafin pronounced in a matter that it had imposed a supposed “moratorium” on Maple Bank GmbH, shutting it down for business and exclusive it from holding payments not associated to emancipation of debt.
Because a lender is little with sum net resources of only €5 billion, it poses no hazard to a financial fortitude of a country, BaFin said.
Maple Bank is famous in Germany since it helped oppulance sports carmaker Porsche in the eventually unsuccessful try to take over automobile hulk Volkswagen in 2008.
It specialises in equities and derivatives trade and had €2.6 billion in liabilities especially with institutional clients as of Feb 4th, BaFin said.
Because it is carrying to set aside taxation provisions, there is a hazard of over-indebtedness, it added.
In September, German prosecutors searched offices and residences related to Maple Bank in a examine of critical taxation semblance and income laundering connected to division stripping
Article source: http://www.thelocal.de/20160207/german-arm-of-canadas-maple-bank-shut-down