The former head of Germany’s Commerzbank’s Eastern European operations, Andreas de Maiziere, is at the centre of a money-laundering investig...

The former head of Germany’s Commerzbank’s Eastern European operations, Andreas de Maiziere, is at the centre of a money-laundering investigation involving the bank's former links to a Russian telecommunications company, OAO Telecominvest, also known as TCI. Mr de Maiziere, who had been a management board member at Germany's fourth-largest bank, resigned unexpectedly last week citing personal reasons. Frankfurt state prosecutors confirmed that the executive was "one of those being investigated for internationally organised money-laundering," after searching his offices on Tuesday and Wednesday of last week. The bank confirmed in a statement that five current and former employees of Commerzbank are under investigation. These include Michael North, a former Commerzbank manager responsible for eastern Europe who is suspected of having handled some of the allegedly embezzled money via his Frankfurt-based finance company, Eurokapital GmbH. At least 10 other premises in Germany and Switzerland have also been searched in connection with the investigation. Commerzbank had a controlling stake in TCI until it was sold in mid-2002.