Maple Bank – Grounded in dubious stock deal: close Maple Bank must – Süddeutsche.de

• The Maple Bank is said to have cheated with counterparties the German tax authorities with dubious stock deal by 450 million euros.
• It is the toughest action against a bank by questionable exchange transactions.
• the step is considered as a warning to other banks and funds, who deliberately set out in the trading of shares (Cum) and without (Ex) dividend to obtain a refund, a withholding tax paid only once several times.

When a few months ago 285 prosecutors, tax inspectors and officials of the Federal the Bankhaus Maple in Frankfurt and searched numerous other objects, that was certainly the beginning of the end for the little Institute. The bank holding a maple leaf as a corporate symbol, cheated with counterparties the German tax authorities with dubious stock deal by 450 million euros. The authorities want to return have the money, but so much money can not simply afford Maple. Consequently, the BaFin in Bonn that controls the finances, now ordered the closure of the bank.

This is how it is in the environment of Maple, as a “signal”. These stock deal with names and Cum Ex with which more than 100 banks and funds from many countries, the German exchequer allegedly plundered by a total of more than ten billion euros, action will be taken rigorously. There is no mercy and no quarter.

The Federal Financial, the full name of the bank supervision BaFin, indicates the reason for the closure only. Maple threatened because of a necessary “tax provision” the balance sheet deficit. The bank had reported equity of EUR 378 million in the so far last balance sheet as of September 30, 2014. Of which, given the demands of the tax authorities would be nothing or not much left. So the BaFin had to act after discussions between the authorities and Maple had not led in recent weeks to reach a compromise.

Cum Ex deals This tax scandal is greater as the case Hoeness

banks, funds and investors cheated of billions society. Now the authorities are fighting back. Comment

The Treasury insisted that the bank must pay. In talks to rescue Maple also the three major shareholders of the Canadian parent bank were partly involved, the National Bank of Canada and two other major shareholders from abroad. However, the wanted her German granddaughter probably only limited assistance. The National Bank owes Maple the maple leaf, it adorns the Canadian coat of arms, as the company symbol.

There lies “not a threat to financial stability” before

A representative of the Frankfurter Bank was on Sunday not comment but announced an opinion for Monday. According to data from the environment of Maple had been haggled until last violently to the tax recoveries. Time was short. Maple has for the most recent fiscal year, which ended on September 30, 2015 provide a balance. February 15 was considered a date. Now, the BaFin has a week before announcing the corner. The Bonner Authority informed precaution, Maple had “no systemic relevance” for the German monetary sector. It lies “not a threat to financial stability” before. The total assets of Maple falls rather small of five billion euros. The bank is now closed for the client traffic, also a sale and payment prohibition was approved by the BaFin adopted.

This is to safeguard assets. It is so far the hardest action in Germany against a bank by questionable exchange transactions. Many actors in the financial sector have arrived, according to findings by prosecutors and tax investigators in the trading of shares (Cum) and without (Ex) dividend it to obtain a refund, a withholding tax paid only once repeatedly. The Cum-Ex-players bought and sold large share packages worth billions of euros in the shortest possible time so quickly and so tricky that the tax authorities no longer see through the stock exchange deal at the end.

Cum-Ex scandal banks are dubious stock deal confess

The Cum-Ex scandal reached a new dimension. More than 100 banks and funds are suspected to have other than the Treasury. Now threaten searches.

Many banks and funds were taught how a loophole exploited that by 2012 made such transactions is technically possible. The Finance Ministry and prosecutors insist, however, that this was not a legal carte blanche to commit fraud at the Treasury. Tax law prohibits such deals at the expense of the Treasury.

Some managers and employees are said to have personally enriched

The authorities suspect numerous institutes from Germany, Switzerland, the UK, the US and other States to have operated such deals. Hypo-Vereinsbank has already confessed. Two Landesbanken, LBBW in Baden-Wuerttemberg and HSH Nordbank have each paid the Treasury more than 100 million euros.

In the case of Maple Frankfurt Prosecutor General’s Office is investigating eleven part today, but mainly former manager and Bank staff. They are accused of serious tax evasion or money laundering. Some of them are said to have enriched himself personally. As usual in such processes, the prosecutors have not only the bank, but also homes of the accused by looking at their raid in September last year, also other companies, where they hoped to find insightful documents.

Maple is a niche player in investment banking, equity and bond trading, securities lending and similar longer operates. Perhaps some activities were a little too specific. The among the general public rather unknown Maple Bank is said to have operated in the 2006 to 2010 Cum Ex Deals at the expense of the treasury and the case allegedly incurred profits shared with partners. In such investigations, however, the presumption of innocence applies, even after the intervention of BaFin. It is the first closure of a bank in Germany for three years.