Deutsche Bank is holding several accounts for the Central Bank of Turkmenistan, in which some of the billions of dollars from Turkmenistan's gas sales are held. Turkmenistan possesses one of the largest natural gas reserves in the world, which will earn the country $5 billion a year from 2007. But its citizens have no information about where the money is going because the money is managed in a completely opaque way. Until the death of the president Saparmurat Niyazov in December 2006, Turkmenistan was one of the world’s most oppressive dictatorships and the regime’s disastrous policies on health and education saw social indicators falling, despite the country’s vast natural gas reserves. 

Reports from international financial institutions indicated that the accounts in Deutsche Bank were under the personal control of the president. Following pressure from NGOs and after the German financial regulator BAFIN investigated the situation, Deutsche Bank, has admitted holding an account, which BAFIN says is in compliance with the law.

Deutsche Bank says this is an account for the Central Bank of Turkmenistan. However, Niyazov repeatedly fired Central Bank governors, and thus had de facto control over the Central Bank. Deutsche Bank has not answered calls to make public information about Turkmenistan's other accounts, in particular the foreign exchange reserve fund, which is believed to have contained $2 billion of gas proceeds and to have been under the President's personal control.

1990 Saparmurat Niyazov is elected president of Turkmenistan, one year later the country proclaimes independence from the Soviet Union.

1990s Reports about state oppression and Noyazov's personality cult begin surfacing. Since the 1990s Deutsche Bank operates a branch in Turkmenistan.

1999 Niyazov is declared "President for Life".

2000 DB board member Tessen von Heydebreck visits Turkmenistan and signs a new cooperation agreement with Niyazov.

2001 Niyazov's personality cult reaches a new level with the introduction of the "Rukhnama", a "spiritual guide" written by Niyazov. The Rukhnama became compulsory reading and formed the basis of the education system.

2001 Contract signed between Turkmenistan and Ukraine over $1.68 billion worth of Turkmen gas. The contract states that half the amount is to be paid in money (the other half in barter) by Ukraine onto a DB account in Frankfurt. 

2004  15,000 public health workers are dismissed including and replaced with military conscripts.

2005 Niyazov orders all hospitals outside Ashgabat shut, with the reasoning that the sick should come to the capital for treatment. All rural libraries were ordered to be closed as well, citing ordinary Turkmen do not read books.

2006 Global Witness publishes the above mentioned contract and seeks explanations from Deutsche Bank about the accounts and whether the accounts comply with the bank's own corporate governance guidelines. Deutsche Bank replies with standardised letters, stating that bank secrecy mean that it cannot divulge any information.

2006 Global Witness hands in a complaint at the Global Compact about Deutsche Bank and the accounts, but finds out that the Global Compact will not investigate member's behaviour and is only prepared to facilitate dialogue between the two parties.

Dec 2006 Niyazov dies. Global Witness publishes a press release, seeking assurance that the money in the accounts at Deutsche Bank will be safeguarded. Gurbanguly Berdymukhammedov is elected as Niyazov's successor.

Jan 2007 Global Witness writes to the German banking regulator BaFin, seeking assurance that the accounts do not violate German anti-money laundering law. Bafin replies, confirming the existance of the accounts and that Bafin had performed random checks on them, not finding any violations against the law.

March 2007 Deutsche Bank writes to Global Witness confirming that it holds an account 'for the Central Bank of Turkmenistan handling its international payment transactions'.

August 2007 The news agency Tass reports that the new Turkmen president, Gurbanguly Berdymukhmammedov, has called for audits of Turkmen government budgets to be published for the first time.