Rabobank in business

2-5-2008 | Other news

Rabobank firmly believes that the statement by a former employee in an article in today's Wall Street Journal “calling Rabobank one of the ‘leading enablers’ of corporate tax schemes” is wholly untrue and without foundation. In Rabobank's view, many of the statements in the article mischaracterise the bank's role in the transactions described therein. Rabobank's role in the transactions was only as a financier, and never as a structurer or promoter.

Rabobank is committed to a code of conduct that provides that the bank will always act in accordance with the highest standards of integrity, and will not engage in any activities that are designed to mislead governmental agencies, tax authorities or third parties. All transactions referenced in the article were subject to the bank's internal approval processes, as well as review by expert external advisors to the parties.  

Rabobank regrets that a draft of its 2005 internal audit report was taken outside the bank and given to the Wall Street Journal in violation of the bank’s confidentiality rules. Rabobank particularly regrets that, through this unauthorised disclosure, confidential client information has been made public.

Rabobank's own assessment in its internal audit report evaluated its Structured Finance operations against the bank’s own very conservative business model and policies, and did not conclude there was any unethical or illegal conduct on the part of the bank or its employees.

The U.S. Department of Justice has been conducting a broad investigation of certain tax shelter practices for a number of years, and has sought information from Rabobank and numerous other industry participants related to certain transactions. Rabobank has at all times been cooperating fully with the Department of Justice.