November 8, 2017 / 9:38 AM / a year ago

Tax evasion probe delays re-election vote on German savings bank president

FRANKFURT, Nov 8 (Reuters) - The German Savings Banks Association postponed a vote scheduled for Wednesday on the re-election of its president Georg Fahrenschon, who is facing a probe into possible tax evasion.

The association’s steering committee said in a statement that it supported Fahrenschon and that he intended to stand for a second six-year term. His current term expires in May 2018.

On Tuesday, the Munich public prosecutor said it was investigating Fahrenschon over allegations of tax evasion.

Fahrenschon said in a statement that he paid his taxes late but denied breaking any law.

Fahrenschon, a former politician and finance minister for the state of Bavaria, said that he filed his tax returns for the years 2012 through 2014 in 2016.

“This is a failure that I regret very much,” Fahrenschon said. “This is especially true considering that I am fully aware of my function as a role model.”

German savings banks, owned by local governments, operate some 18,530 branches and employ about 320,000 people. (Reporting by Tom Sims; editing by Jason Neely)

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