The Cologne public Prosecutor has extended the scope of its investigations in the largest German tax scandal, according to information from the süddeutsche Zeitung, NDR and WDR drastically. In the case of several large international financial institutions, including Deutsche Bank, are under investigation for allegedly criminal transactions in shares with the name Cum-Ex or aid for this purpose, against a number of new Suspects. Alone in the Deutsche Bank the subject of about 70 current and former Employees and to the top management floors.

among the Suspect’s Deputy chief Executive, Garth Ritchie, and at least two former management Board members, including Ex-Bank chief Josef Ackermann. The law firm that represents him in General, and Ackermann himself did not want to comment on this. The Deutsche Bank, says Ritchie. Whether the suspicions against Ritchie and the other Accused to confirm, or not, remains to be seen. Several state prosecutors are investigating on suspicion of tax evasion in especially serious cases or of the aid for this purpose. According to the findings of the authorities, banks and stock exchange dealers have been cheated in the trade of shares (Cum) and without (Ex) dividend to the Treasury by several billion euros.

The Institute and the dealer decide on the dividend revenue tax due from the tricky deceived financial authorities on several occasions to refund. Several leniency to have added this handle to the state Treasury.

Only the Statute of limitations prevent?

To the attention of the investigators, those banks that have not operated such shares deals themselves, but were used as service providers, to be able to business get now. This may apply also for the Deutsche Bank. This explained that it had not “participated in an organized Cum-Ex-market,” neither as a buyer nor a seller of shares.

The Cologne public Prosecutor is investigating but transactions in shares of a company by the name of Ballance, with headquarters in the Caribbean, the business relationships with the Deutsche Bank used to be. Ballance is considered to be one of those companies that have defrauded the Treasury in great style. The Cologne public Prosecutor determined since 2017 due to the Cum-Ex-transactions of former Bank customer against two Ex-employees of the German Bank.

the investigations have now been extended so massive, should be done according to the Bank, therefore, is to prevent a Statute of limitations. “This is a common procedure, and the Prosecutor’s office is so also in the case of other banks,” said Deutsche Bank on request. There were no new facts. According to data from the financial sector for at least two of the US big banks are among the institutions with which the investigations have been drastically expanded.

The limitation of possible claims of the tax authorities is one of the biggest problems of the authorities to the Cum-Ex-scandal. Without a criminal investigation, all claims were soon likely to be obsolete, which could make the tax authorities for Cum-Ex-transactions in the year 2009. This would then amount to more than a billion euros. (Editorial Tamedia)

Created: 06.06.2019, 19:52 PM