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German prosecutors have closed their criminal investigation into former DWS chief executive Asoka Wöhrmann over greenwashing allegations, opting not to press charges in the wake of fines for Deutsche Bank’s asset management arm in the US and Germany.
Frankfurt’s public prosecutor said that Wöhrmann’s lack of previous convictions and the fact that he left DWS “immediately after the greenwashing allegations became known” were key factors in the decision.
“Furthermore, the accused is no longer active in the capital markets sector,” they added. Wöhrmann now leads Patrizia, a listed German real estate group.
The investigation into Wöhrmann followed a whistleblower complaint in 2021 by Desiree Fixler, DWS’s former head of sustainability, who claimed the group misrepresented the size of its sustainable investments. The case triggered parallel probes in both Germany and the US.
In April, German prosecutors fined DWS €25mn, citing misleading marketing and slogans that did not reflect actual practices — such as describing environmental, social and governance (ESG) initiatives as “part of our DNA” and portraying the company as a market “leader”. Germany’s financial regulator BaFin also launched a review of the group’s ESG disclosures.
DWS had already agreed in 2023 to pay $19mn to settle related charges with the US Securities and Exchange Commission, which at that time was the watchdog’s highest-ever penalty related to ESG criteria against an investment adviser.
In their statement, prosecutors noted that Wöhrmann had pursued DWS’s ESG transformation “with great commitment” but faced “internal resistance”. The shortcomings in implementation “cannot be attributed to him alone”, they said.
Wöhrmann left DWS in 2022 with a €13.7mn payout, including €8.15mn in severance. At the time, the company said the package remained subject to potential clawback provisions. In its latest annual report, DWS disclosed that the vesting of long-term bonuses for a “former member of the Executive Board” from 2022 had been suspended pending review.
Wöhrmann was the only DWS employee under criminal investigation, and there are no other criminal proceedings over greenwashing ongoing against DWS.
DWS declined to comment on the status of the review, but said: “As a general rule, we comply with all audit and review obligations.”
Patrizia said it remained “absolutely convinced” of Wöhrmann’s “values, integrity and credibility”, citing the results of internal and external investigations.
