Cedel International S.A., Luxembourg, Geneva Branch - which was mentioned in the report - was a branch of Cedel International S.A., Luxembourg (Cedel). It was established on 4 August 2000. At this time Cedel was not part of Deutsche Börse Group but an independent company wholly owned by around 90 international banks. Cedel held 50 percent in Clearstream International; the remaining 50 percent were held by Deutsche Börse. Deutsche Börse did not transfer funds to Cedel Geneva Branch.
The audited annual accounts of Cedel include on the balance sheet any and all assets and liabilities of the branch which was not an operating entity. The branch was correctly mentioned in the Cedel Management Reports which - as part of Cedel's annual report - are filed with the register and as such are public. The activities of the branch were fully disclosed to the respective tax authorities. All taxes due were properly declared and paid.
In July 2002 Deutsche Börse AG took over Cedel in the course of the full acquisition of Clearstream. Deutsche Börse acquired Cedel's stake in Clearstream and Cedel's remaining assets. The Cedel Geneva Branch was closed on 16 July 2003.
Deutsche Börse stated it had no information from the Swiss authorities regarding their investigation.
In 2001 a book was published alleging Clearstream of money laundering; the allegations proved to be unfounded. In July 2001 the Luxembourg state prosecutor confirmed that after almost three months of investigations by the Luxembourg authorities, no evidence supported the allegations in relation to money laundering at Clearstream.
