Make Kitco Your Homepage

Chairman of BlackRock's German arm orders investigation cooperation

Kitco News

DUESSELDORF, Germany (Reuters) - Friedrich Merz, chairman of the German arm of BlackRock (BLK.N), the world’s biggest fund manager, said he had ordered the fund’s management board to fully investigate all incidents involving so-called cum ex transactions and cooperate with prosecutors.

Merz spoke at a political event in the northwestern German city of Duesseldorf, hours after a source familiar with the matter said prosecutors had searched BlackRock’s Munich offices as part of Germany’s largest postwar fraud investigation.

“I have ordered the management board to cooperate with the investigative authorities and put all documents on the table. Everything will be investigated and we will actively participate in that,” said Merz, a candidate to succeed German Chancellor Angela Merkel as leader of the Christian Democrats (CDU).

Reporting by Matthias Inverardi; Writing by Andrea Shalal; Editing by David Goodman

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News