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The managing director of Deutsche Bank’s operation in Israel was arrested on suspicion of a tax-related offence and released on bail on Tuesday, Israeli authorities said.

A spokesman for Israel’s Tax Authority said that Boaz Schwartz was suspected of misreporting some 550m Israeli shekels ($146.5m) worth of deals as foreign business, which is entitled to a zero per cent value-added tax rate, for business that was actually done in Israel.

Mr Schwartz could not be reached for comment. Israeli police had no comment on the executive’s arrest.
Deutsche Bank said it was cooperating with Israeli authorities on the case.

The company said:

Deutsche Bank in Israel and abroad acts in accordance with the law and strict legal advice. We are cooperating with the tax authorities on this inquiry and will continue to do so.”

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