An ongoing battle between Deutsche Bank and Veneto Hotel & Casino in Panama City has reached an ugly head full of finger pointing. Deutsche Bank took brothers Andrew and Alexander Silverman and their father to court, suing for what they claim was money diverted from a million loan, which was supposed to go towards paying it back.
The brothers claim a Deutsche Bank employee asked for an emergency loan to cover a gambling debt, which the banker denies. The bank financed the Silvermans’ acquisition of the resort back in 2007, which was part of the bank’s list of poor casino investments.
The Veneto’s lawsuit claims Deutsche Bank tried selling the debt in 2014, which led to the spreading of confidential financial information insinuating to the Panamanian community the business’s “future was in jeopardy.” The news led to a widespread panic, leading to 75 employee resignations and insurmountable losses.
Deutsche Bank has given a different take on the lawsuit, claiming the casino was reporting more revenue than it was depositing. The bank claims the business “has not explained what it did with the missing funds.”
