The tax authorities in North Rhine-Westphalia to the suspicion that more than 20 foreign financial institutions in fraudulent shares involved in transactions to the detriment of the German tax authorities. Are affected, according to information of the “süddeutsche Zeitung”, NDR and WDR big banks from the United States, the United Kingdom, Switzerland and France. The Treasury is said to have been damaged over the years, more than ten billion euros from German banks.
North Rhine-Westphalia had bought a year ago from an Insider on a CD, which contains, according to Finance Minister Walter-Borjans (SPD) “valuable advice” on fraud. On the CD listed more than a hundred banks In the country and abroad should not assume “that the Material is rotten in our drawers,” said Walter-Borjans, on request of SZ, NDR and WDR.
“Our tax investigation after each suspect – without regard to the people or the money houses,” the Minister said. A number of banks have already started discussions and cooperate with the authorities. The Finance Minister advised all other institutions, to quickly backpedal. These banks should not rely on the fact that the “systematic Plunder of the state Treasury will remain undetected”.
Details of the tax procedures the Minister of Finance did not comment. According to the WDR, the investigation by the tax man against the Unknown. Should evidence arise, however, could come at the end of penalties for the banks or against individual employees.
investigators examine, therefore, whether the foreign banks or their trade have attracted partners in Germany, tax evasion by could transaction in shares around the dividend date, only once paid capital gains tax a number of times to refund. Known such shenanigans have become, under the heading “Cum-Ex”. Banks and investment funds are said to have made the trading of shares with (Cum) and without (Ex) dividend over the years, a billion profit – at the expense of the state.
SZ, NDR and WDR have interviewed, according to information from six major banks to the suspicion, in Cum-Ex-transactions to the detriment of the state Treasury, entangled: JP Morgan and Morgan Stanley of the United States, Barclays and HSBC from the UK, UBS of Switzerland and BNP Paribas of France. The big banks were, with one exception: Barclays rejected any suspicion from himself.
The first foreign Bank that has paid their money already in the Treasury, Macquarie from Australia. It is not yet known whether other banks want to cooperate. Cum-Ex-Deals are won from the middle of the last decade, its importance, in 2012, they were stopped by the Federal government.