SPD contacts to Warburg Bank: Greens demand "Cum-Ex" clarification from Scholz

Friday March 12th 2021

SPD contacts to Warburg Bank
The Greens are demanding "Cum-Ex" clarification from Scholz

What did Hamburg's social democrats know about the Warburg Bank's "cum-ex" deals? To what extent were you involved in the tax evasion? An investigation committee of the Hanseatic city is currently examining this. The Greens put pressure on. Scholz, however, only gives a sparse statement.

Before a meeting of the parliamentary committee of inquiry of the Hamburg citizenship on the cum-ex scandal, the Greens in the Bundestag demanded clarification from Vice Chancellor Olaf Scholz. Today's finance minister has to make it clear why Hamburg initially waived possible double-digit million tax claims against Warburg Bank, which was involved in the "Cum-Ex" scandal, said the financial expert of the Green parliamentary group, Lisa Paus.

The Hamburg investigative committee is supposed to clarify the allegation of the possible influence of leading SPD politicians on the tax treatment of the Hamburg bank. The background to this are meetings between Scholz in 2016 and 2017 with Warburg co-owner Christian Olearius, against whom investigations were underway on suspicion of serious tax evasion. Hamburg later allowed possible tax claims of 47 million euros to become statute-barred, and a further 43 million euros was only claimed after the Federal Ministry of Finance intervened.

"With every questioning in the Bundestag so far, further details in the Warburg case have come to light," said Paus. "So far, Olaf Scholz and the SPD have only admitted bit by bit, which could no longer be denied publicly. In addition, there were the alleged gaps in memory of Olaf Scholz regarding the important meeting with Mr. Olearius."

OLG Frankfurt evaluates "Cum-Ex" as gang fraud

Real education looks different. This must now take place in Hamburg. "It should also be clarified to what extent the tax secrecy applies to the committee of inquiry." So far, Scholz and his successor in the town hall, the then Finance Senator and today's Mayor Peter Tschentscher, had rejected all allegations, but had not commented on details, citing tax secrecy.

In "cum-ex" deals, investors used a loophole in the law to cheat the state for money for years. Around the dividend cut-off date, several participants pushed back and forth shares with ("cum") and without ("ex") dividend entitlements. As a result, tax authorities reimbursed capital gains taxes that had not been paid. The state suffered billions in damage. In 2012 the tax loophole was closed. Several public prosecutors and courts nationwide have been working on "Cum-Ex" for years.

The Frankfurt Higher Regional Court recently announced that it regards "Cum-Ex" share transactions not only as tax evasion, but also as commercial gang fraud. The judiciary said that the accused could face imprisonment of up to ten years. As far as can be seen, the Frankfurt Higher Regional Court was the first national court to rule on this question.