Frankfurt / Main (dpa) - In connection with the tax scandal surrounding "cum-ex" share deals, a commercial bank was searched again in Frankfurt.
A large police force opened up in front of the German branch of the Dutch bank ABN Amro.
According to information from judicial circles, the Cologne public prosecutor is conducting the investigation. The authority was initially unreachable, and the bank did not respond at first. The WDR, the "Süddeutsche Zeitung" and the "Handelsblatt" had also reported.
Bethmann Bank, which is part of the ABN-Amro group, said the money house itself was not affected by the searches. It is "essentially" about the parent company, said a spokeswoman. She couldn't say whether management offices were also searched.
As the legal successor to Fortis Bank, ABN Amro was the target of an extensive cum-ex-raid in Hesse, Bavaria and the Netherlands in November. The action at that time was directed against six suspects aged between 50 and 57, according to earlier information from the Frankfurt Attorney General.
They were accused of having cheated the state by around 53.3 million euros with equity transactions around the dividend date in 2008 and 2009 as accomplices. The amount has already been reclaimed and paid back to the state treasury.
In cum-ex transactions, investors used a loophole in the law. Around the dividend date, shares with ("cum") and without ("ex") dividend entitlement were moved back and forth between several parties. In the end, the tax authorities no longer knew who the papers belonged to. Tax authorities reimbursed capital gains taxes that had not been paid at all. The state suffered a billion dollar damage. The tax loophole was closed in 2012.
Notification district court Bonn 17.6.2019
Ministry of Finance Hessen on "Cum-Ex"
Report of the Cum-Ex investigation committee of the Bundestag
Infographic "Tagesschau": This is how "Cum-Ex" businesses worked
Communication from the General Prosecutor's Office in Frankfurt