Cum-Ex investigations: Raid on Dekabank
The Cologne public prosecutor’s office is now also targeting Dekabank.
(Photo: dpa)
Frankfurt Dekabank offices in Frankfurt were searched on Tuesday as part of Cum-Ex investigations. The news service Bloomberg learned from informed circles.
A spokesman for Dekabank confirmed to Bloomberg that authorities had searched the company in connection with stock trading transactions, but declined to comment further.
The Cologne public prosecutor’s office said in an email that they had been executing search warrants against a bank in Frankfurt and against an auditing company in a cum-ex procedure since Tuesday. She didn’t name names. In addition, the private homes of eight suspects would also be searched. About 110 officers are on duty.
The Cologne authority is investigating around 1,500 people from the financial sector due to the cum-ex scandal. Most recently, she had also increased the pressure on international banks and, among other things, searched the offices of Barclays Plc and Bank of Americas Merrill Lynch.
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Cum-ex trades, named after the Latin term for “with-without”, had taken advantage of German taxation practice, which seemed to allow several investors to have a dividend tax credit paid only once and thus have it reimbursed.
Germany put a stop to the goings-on in 2012 by changing the legal situation. Cum-Ex is said to have cost taxpayers more than 10 billion euros. In the meantime, the highest German courts have also judged the cum-ex transactions to be illegal.
More: Investigations against longtime HSBC Germany boss Countess von Schmettow
Reference-www.handelsblatt.com
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