Giuseppe Sandro Mela.
2019-09-14.
Le dimensioni dello scandalo che sta coinvolgendo Commerzbank sono di dimensioni tali che se ne occupa persino il giornale ufficiale del Governo cinese.
«German authorities are widening their investigations into what might become the biggest tax scandal in German history, the German business newspaper Handelsblatt reported on Tuesday.»
«According to Handelsblatt, the head office of Commerzbank in Frankfurt was searched in connection to suspected tax fraud, in which the bank was believed to have sold blocks of shares used for illegal cum-ex trading»
«The controversial cum-ex deals took advantage of a legal loophole that was closed in Germany in 2012 which enabled participants to obtain multiple refunds on a tax that was only paid once.»
«According to the latest figures from the German Ministry of Finance, 499 cases with a volume of 5.5 billion euros (6.7 billion U.S. dollars) linked to the cum-ex deals were currently under investigation.»
«However, the actual tax loss in Germany from cum-ex trading was estimated to be much higher, the German Finance Ministry noted.»
«The first criminal trial against two British investment bankers in the context of the cum-ex deals was opened at the regional court in Bonn at the start of September.»
* * *
«One hundred financial institutions linked to decade-long fraud that exploited tax code flaw»
«Cologne prosecutors have raided Commerzbank’s Frankfurt headquarters as part of a criminal investigation into a decade-long tax fraud that cost the country billions of euros»
«The latest raid is one of a number of nationwide investigations into the “cum-ex” scandal, described as the worst tax scam in German history, whereby financial groups and their clients allegedly exploited a design flaw in the tax code to trick authorities into refunding dividend tax that had never actually been paid»
«However, its internal probe into the cum-ex linked equity transactions of Dresdner Bank, the rival German lender it bought in 2009, had not yet been completed and disclosed to prosecutors.»
«A cum-ex deal typically involved a trader borrowing a block of shares to bet against them using a technique called short selling in the run-up to dividend day and then selling them across national borders to another investor»
«A loophole meant parties on both sides of the trade could successfully claim a refund of withholding taxes paid on the dividend»
«About 100 financial institutions have been linked to cum-ex deals, including crosstown rival Deutsche Bank, DZ Bank and HypoVereinsbank, the German division of Italian lender UniCredit»
* * * * * * *
Un pensiero riguardo “Commerzbank. Un grandioso scandalo che coinvolge anche l’Italia.”
I commenti sono chiusi.