An internal investigation has revealed that German banking group Deutsche Bank made $1.1m in payments to gain the wealth management business of an unnamed senior Saudi royal.

Called Project Dastan, the Financial Times’ probe was conducted from 2014 to 2016.

As per the findings, fund transfers were made to the wife of the royal’s financial adviser in four tranches.



The transfers were termed as “exceptional retrocession payment” and “goodwill payment”.

The probe also revealed various perks such as an internship and a seminar at a Swiss ski resort arranged for the family of the adviser.

All these are said to have taken place between December 2011 and December 2012.

The internal probe revealed that some of the payments and perks flouted the policies of the bank on anti-corruption and gifts and entertainment.

Following the probe, six staff departed while the bonuses of 12 employees were suspended.

At present, German prosecutors are probing two of the bank’s ex-employees for suspected bribery.

Speaking to the Financial Times, the bank stated: “This was an action by a small number of individuals who acted in breach of the bank’s policies.

“We caught it, reported it ourselves to regulators and the affected clients, dealt appropriately with the individuals, and made improvements to avoid something similar happening again.”

The latest report further hits the reputation of the bank, which is going through rough times after several legal tussles and failed turnaround initiatives.

Right now, the bank is going through a massive overhaul, with 18,000 jobs expected to get axed in the process.

The banking group also sharpened its focus on wealth management.