Most Read Germany’s Warburg pays 155 million euros in taxes linked to sham trading scandal FRANKFURT, Jan 14 (Reuters) – MM Warburg, part-owned by one of Germany’s oldest banking dynasties, said on Thursday it had paid 155 million euros ($188 million) in taxes demanded by fiscal authorities for the bank’s involvement in one of the country’s biggest post-war fraud cases.The bank benefited from so-called “cum-ex” trades, which thrived between 2005 and 2012.Prosecutors allege that players in the scheme misled the state into thinking a stock had multiple owners who were each owed a dividend and a tax credit by trading shares rapidly around a syndicate of banks, investors and hedge funds.Germany estimates this cost it more than 5 billion euros in total, although experts believe the amount was at least twice that.MM Warburg said it had filed lawsuits for damages against the initiators, liquidators and those that profited from the transactions.The bank said that it had not deliberately sought to defraud the state, adding that the money Warburg paid to the finance authorities was provided by its two main owners.
($1 = 0.8254 euros) (Reporting by Arno Schuetze; Editing by Kirsten Donovan) 2021-01-14 16:16:25
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