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German mail and logistics company Deutsche Post AG has sold off its remaining shares in Deutsche Bank AG, the company said Monday.
A German newspaper reported Sunday that Deutsche Post AG has paid a pension of euro20 million ($26 million) to Klaus Zumwinkel, the former CEO convicted of tax evasion.
A court on Monday convicted the former CEO of Deutsche Post AG of tax evasion, giving him a two-year suspended sentence and a hefty fine.
Mail and logistics company Deutsche Post AG said Monday it met its 2008 earnings before interest and taxes target of euro2.4 billion ($3.2 billion) excluding nonrecurring effects, but expects a difficult business climate this year.
A state court said Tuesday the former chief executive of Germany's Deutsche Post AG will go on trial next month on charges of evading roughly euro1 million ($1.26 million) in taxes through a foundation in Liechtenstein.
Citing heavy losses and fierce competition, the overnight-delivery giant DHL is cutting 9,500 American jobs and significantly reducing its air and ground operations in the U.S., largely leaving the field to FedEx, UPS and the Postal Service.
Deutsche Post AG slashed its earnings forecasts for both 2008 and 2009 on Monday, saying it expects pretax profit to fall 8 percent in the third quarter as the financial crisis takes its toll.
Deutsche Bank AG agreed to buy a 29.75 percent stake in German retail bank Postbank from Deutsche Post AG for almost $3.9 billion, the second major consolidation in the nation's banking sector since August.
The chief executive of Deutsche Post AG has offered to resign in the wake of allegations that he evaded some $1.45 million in taxes through investments in Liechtenstein, the Finance Ministry said Friday.
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