German Bank – Next case, next raid – Süddeutsche.de

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• Browse Again investigators the German Bank headquarters in Frankfurt. Reason are called cum ex-stock deal determined at which the tax authorities to have been cheated.
• The alleged damage should be well below 200 million euros.
• In Cum Ex Deals the tax authorities were misled. A capital gains tax only once paid was repeatedly refunded.

analysis Klaus Ott and Meike Schreiber, Frankfurt / Munich

The time, so soon after the announced change at the top of Deutsche Bank, was pure coincidence. On Tuesday morning coveted once prosecutors and police inlet in the Frankfurt headquarters of the bank, with a search warrant. This one is in the bank for several years in various processes so almost usual. In the latest raid is about a new case to the Wiesbaden Prosecutor’s Office and the Prosecutor General’s Office Frankfurt are now investigating. For the first time is determined at Germany’s largest financial institution also because of so-called cum ex-stock deal in which the tax authorities to have been systematically deceived.

Today’s employees of Deutsche Bank are not among the accused, but is involved in the case the Institute nevertheless. It’s about two or three former managers of the bank, who have started their own with a company in Luxembourg and there cum Ex deal should have operated. The transactions were carried out obviously also on the branch of Deutsche Bank in London. In addition, the financial institution of any party to the trading company should have certified to have paid capital gains tax to the tax authorities, which were not paid. With these certificates, the accused had tried to obtain a refund not paid taxes from the Treasury. That is the suspicion, which engage the authorities.

When trading of shares (Cum) and without (Ex) dividend numerous banks and funds have had a capital gains tax only once paid back by the tax several times. That was the great thing about these deals. The damage to the state should be more than ten billion euros. This game worked until 2012. Only then joined the Federal Government and the Bundestag a legal loophole that had made such transactions possible. Whether the deal were punishable, is being studied in many procedures. At HVB, Landesbank Baden-Württemberg, the Swiss Institute J. Safra Sarasin and other banks. Now the German bank is concerned.

The questionable cum ex-transactions that were apparently settled through the German Bank, however, are much less turn than other affairs such as Libor and parish in which the financial institution considerable had trouble with authorities and the judiciary. The potential harm to the Treasury is estimated According to insiders, to well below 200 million euros. That is the amount that the Hypo-Vereinsbank (HVB) is said to have ill-gotten together with partners from the tax authorities. From the Causa HVB, also determined in the Frankfurt Prosecutor General, performs a track to Deutsche Bank.

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The also discussed the Cauasa HVB Finanzamt Wiesbaden II years ago by Deutsche Bank requires information to certain share deal. It was then already about whether the financial institution has certified customer wrongly, to have paid capital gains taxes. The German bank incited into a letter of 29 March 2012 to the tax office in Wiesbaden. In certain cases, they had neither can check still need, whether those taxes have been transferred also to the tax authorities.

“Such an obligation does not arise from the law and such an examination of the bank would be virtually no have been possible “, said the Frankfurt financial institution the Wiesbaden Inland Revenue. The German bank added that the legislature had “considered acceptable”, the “system gap” at the cum Ex deal by 2012. So if anyone is to blame, then the policy. At a shareholders’ meeting in 2013, the Bank Board stated mutatis mutandis, we’ve reviewed trading activity with shares around the dividend payment, but do not see any problems.

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The authorities are reportedly disagreed. The Bank should have examined their business much more consistent. It would not be the first time that the German bank is in trouble, which would have its own strict testing can be avoided. It has made the HVB. She has now calm, unlike the German bank. The explained to the raid, it is about investigations against customers of the financial institution. The authorities have sought to by documents. Active employees of the Bank would not accused.

Affected by the new event is also an old acquaintance of the authorities, is investigating the long time. Tax attorney Hanno Berger, certifying many actors of cum Ex deal with opinions, legally correct to act. Even for one of the companies that are now illuminated by the authorities, Berger said to have written such a report. Bergers defender Norbert Gatzweiler said on Tuesday that authorities were trying to find “anything” against his client. Now also at Deutsche Bank. Gatzweiler lawyer speaks of “irrational seeming persecution” that will hopefully completed soon.