Volksbank Bad Salzungen Schmalkalden is sinking into balance sheet chaos. Annual financial statements for 2020 and 2021 "need correction," says SPIEGEL.
Bank paid six-figure legal costs for its former CEO Stefan Siebert in 2021. Siebert has now left the bank, primarily under pressure from the financial regulator Bafin and the Volksbankenverband BVR, who accuse him of risky lending transactions and deficiencies in money laundering prevention. The bank once employed ex-national player Stefan Effenberg to enter the lending business with football clubs.