BaFin closes due to impending overindebtedness Maple Bank in Germany – FAZ – Frankfurter Allgemeine Zeitung

BaFin President Felix Hufeld

the Federal Financial Supervisory Authority (BaFin), Maple Bank has opened in Frankfurt. This was announced by the Authority on Sunday. Accordingly, the Institute threatens indebtedness, because it had to form a tax provision in its balance sheet. It may now no longer afford payments and take money from his client contrary, if they do not pay so debt to the bank itself. Against the payment and prohibition of sale and the moratorium it can still appeal. Nevertheless, the arrangements are effective immediately.

Author: Joachim Jahn, economics correspondent in Berlin, responsible for “Law and Taxes”. Follow

the Maple Bank would hardly known even among experts, if she had not played a significant role in one of the most spectacular takeover battles of the war German history – the ultimately failed attempt of sports car maker Porsche to swallow its much bigger rival Volkswagen in of 2008. As banker to the former Porsche boss Wendelin Wiedeking and his chief financial officer Holger Härter wrapped them from the complicated financial transactions with which the Stuttgart-based group stalking the majority at the Wolfsburg-based group. The prosecution considers this a criminal market manipulation: Since last October Wiedeking and Härter sitting therefore in Stuttgart Regional Court in the dock. The presiding judge, however, has made it clear that he does not see the protests of innocence of ex-manager shaken by the evidence.

In addition, the prosecutor who now runs their argument into complete opposite. Now they think namely, Porsche did not protect by allegedly false press releases to company liquidity, but plan to keep its partners Maple of difficulties – which since the intervention of the Banking Supervision this weekend after all, has a spicy aftertaste. In the trial also Wolfgang Schuck, the then European Board of the bank has been heard, without being able to come up with news.

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yet another reason got the money home in the headlines: prosecutors and tax investigators searched last September in a nationwide raid into 30 flats and business premises for evidence that eleven current and former managers and employees of Maple to be responsible for illegal stock transactions around the dividend record date. These cum-ex-transactions (also called Divide Dens Tripping) should have moved billions. The German tax authorities to have been damaged by a mid hundreds of millions; a portion of profits to individual bankers should have put even into his own pocket and washed it money. The process could be the reason for the now matured tax provision.

The Maple Bank have no “systemic relevance” and therefore does not constitute a threat to financial stability are, asserts the BaFin. They understand themselves as “niche players in investment banking with a focus on individual strategies” and was active in the securities and derivatives markets in Western and Northern Europe and North America; Private customers they’ve barely. The two-storey group of GmbH and the European Company (SE) – both based in Frankfurt Nobel district Westend – has a total assets of around five billion euros and debt of about 2.6 billion. He is one of Maple Financial Group Inc. in Canada. According to the BaFin Maple is both a member of the Compensation Scheme of German Banks (EdB) and the Deposit Protection Fund of the Association of German Banks. For the money the customer is also secured through the legal limit of 100,000 euros each addition.

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