On May 31, German law enforcement raided Deutsche Bank’s asset manager, the DWS group in Frankfurt. On June 1, the CEO of the DWS group announced his resignation.
DWS is an asset manager reportedly owned 80 percent by Deutsche Bank, and law enforcement raided the inspection due to the allegations of the former officer of sustainability at DWS. The allegation is known as “greenwashing,” which refers to an organization or company taking an oath of compliance with ESG principles but doing the opposite behind the scenes. ESG requires companies to achieve specific environmental goals.
According to the investigation by the relevant German authorities, many indications show that DWS didn’t comply with ESG and committed severe investment fraud. DWS had previously cooperated with regulators but failed to correct them and kept misleading investors.
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