Tuesday, July 6th, 2021
Suspicion of “cum-ex” deals
Raid on the Hamburg Commercial Bank
Because of their alleged involvement in the “Cum-Ex” scandal, the Cologne public prosecutor’s office searches the Hamburg Commercial Bank. The suspicion is apparently directed against employees of the money house. The raid is likely to come as a shock to the owners of the bank.
Public prosecutors from North Rhine-Westphalia searched the business premises of the Hamburg Commercial Bank in connection with so-called “cum-ex” transactions. “The search is not aimed directly against the bank, but it is searched as a third party,” explains a spokeswoman for the bank. You cooperate with the authorities. According to insiders, it is about “cum-ex” deals by employees. A spokesman for the Cologne public prosecutor’s office confirmed the raid, but did not comment on the reasons.
The raid is likely to be a shock for the owners of Hamburg Commercial Bank. It seemed as if the predecessor’s numerous scandals had been overcome. In the financial crisis of 2009, the former HSH was saved with three billion euros in tax money. In 2013, the entire board had to go to court, among other things because of incorrect accounting. In 2015, the bank then paid 22 million euros to avert proceedings for aiding and abetting tax evasion. Although the bank had to admit that it had helped customers with “Cum-Ex” deals, Hamburg Commercial Bank considered the crisis to be over, mainly due to the repayment of 112 million euros in illegally appropriated taxes.
Several investigations into the “Cum-Ex” scandal are ongoing at the Cologne Public Prosecutor’s Office. With the help of banks and lawyers, shareholders have multiple refunds of dividend taxes paid in these transactions. The German tax authorities suffered billions in losses. A landmark ruling by the Federal Court of Justice is expected at the end of July.
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