Savings bank president to resign by tuesday

savings bank president to resign by tuesday

Georg fahrenschon’s days at the helm of the german savings banks and giro association (dsgv) are probably over. In view of the tax affair of the top savings bank boss, the regional associations are exerting a lot of pressure behind the scenes.

As the german press agency learned on sunday from savings bank circles, the 49-year-old is to draw the consequences and resign from his office. "He has received the clear signal that things can’t go on like this," it hailed. Decision expected from powerful association president by tuesday.

Bild am sonntag" reported that the DSGV presidium will meet in a special session on tuesday to discuss the tax affairs and the future of the president. Fahrenschon’s deputy, thomas mang, who is also president of the savings bank association of lower saxony, invited the pilgrims. At the crisis meeting, fahrenschon’s end as president of the association could already be sealed, it was announced.

In addition to the alleged tax evasion, the former bavarian finance minister is accused of having concealed the criminal order against him for months. "He tried to trick us. This breach of trust is just as bad as the tax evasion," the newspaper quoted an unnamed member of the executive board as saying.

Fahrenschon has admitted that he did not file his tax returns for 2012 to 2014 with the tax office until last year. The munich district court considers the long delay to constitute tax evasion and has issued an order for punishment. Fahrenschon denies a pre-meditated crime and has lodged an objection. In the meantime, he has paid his taxes.

The case became public the day before the association’s chief executive was due to be re-elected for a second six-year term last week. However, fahrenschon is said to have received the penalty order already in the spring of this year and to have concealed this for months.

Fahrenschon had initially wanted to stand for re-election despite the tax affair coming to light. But the DSGV called off the vote, which was actually scheduled for last wednesday. The association first wanted to wait for the outcome of the criminal proceedings that fahrenschon is now facing, it said. This is possible, he said, because his contract runs until may 2018 anyway. The 49-year-old wanted to stick to his candidacy in principle. He had made a mistake, but had not committed a premeditated tax offense.

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