Hengeler Mueller investigation refutes money laundering allegations against Deutsche ReGas
Investigation went beyond company’s obligations under money laundering law, firm said
German law firm Hengeler Mueller’s investigation into a lack of financing transparency and accusations of money laundering at Deutsche ReGas found no evidence of wrongdoing, according to a statement issued by the firm.
Following a comprehensive review of the company’s financing and investor structure, Hengeler Mueller said it refutes the allegations against Deutsche ReGas regarding money laundering and “intransparency”. The firm said the investigation went far beyond Deutsche ReGas’s obligations under money laundering law, analysing the direct and indirect shareholder structure and the history of the company’s equity financing.
The accusations of an allegedly “non-transparent financing background” included questions around a total investment amount of just over €94.2m, which “could be fully substantiated and allocated to institutional and private investors”, Hengeler Mueller said in a statement.
The firm added: “There were no indications that investors, managing directors or supervisory board members had been associated with money laundering suspicions or were under sanctions. The alleged payment streams from companies on the Cayman Islands to Deutsche ReGas could also be completely refuted during the investigation. The shareholder and financing structures of Deutsche ReGas proved to be legally compliant and transparent during the audit procedures.”
Following the investigation, Deutsche ReGas was able to obtain an injunction against the author who had spread the suspicions in the media. The Rostock Public Prosecutor’s Office also examined the money laundering allegations made against Deutsche ReGas’s management, but “rejected an initial suspicion” and discontinued the investigation on 17 August, Hengeler Mueller said.
The Hengeler Mueller team which carried out the investigation was led by white collar and compliance partner Dirk Uwer, alongside counsel Maximilian Ohrloff and associates Antonia Cramer and Jamal El-Zein, all based in Düsseldorf. The investigation concluded on 16 August.
Deutsche ReGas is a developer of liquefied natural gas (LNG) projects in Germany. It is currently facing opposition from the German resort town of Binz over the development of an LNG terminal off the coast of Rügen Island, where Binz is located.