A billion-dollar scam involving money for big US investors is now catching up with Allianz in Germany. Financial regulator BaFin has sent a letter to the insurer with demands. In it, she demands that the group improve internal controls and control responsibilities more clearly. was before business Week Told about it. So Baffin expects Allianz to implement its demands. Otherwise she would be heading towards a “big problem”. Neither Baffin nor Allianz initially wanted to comment on this.
The agency launched an investigation into Allianz last summer. Background There is a scandal surrounding the so-called Structured Alpha Fund in the United States. Subsidiary Allianz Global Investors sold the fund to major clients such as pension funds, allegedly as crisis-proof. He had suffered a huge loss of more than seven billion dollars in the Corona crisis. What initially seemed to be false speculation turned out to be a complete hoax. Among other things, the responsible fund managers had misrepresented the figures in the risk report for investors.
The group initially denied the investors’ allegations, but changed its stance in 2021 when the US Department of Justice and the Securities and Exchange Commission (SEC) joined. Allianz blamed the authorities.
Baffin seeks to differentiate himself as an active observer with Bite
The incident cost Allianz more than $6 billion. The Justice Department fined the insurer $2.33 billion. Allianz promised $3.24 billion to the…
