Germany’s largest stock exchange operator has not found any misconduct in cum-ex transactions during internal investigations.
(Photo: dpa)
Frankfurt, Dusseldorf The public prosecutor’s office has intensified its investigations into Deutsche Börse’s possible involvement in illegal cum-ex transactions. “The group of suspects in the ongoing investigations by the Cologne public prosecutor’s office has expanded in several stages – most recently a few days ago – and to our knowledge also includes former and current employees and board members of Deutsche Börse Group companies,” said CEO Theodor Weimer on Wednesday at the general meeting of the Hessian Dax group.
For years, banks and investors have fleeced the state of billions in cum-ex transactions by having capital gains tax paid only once in dividend transactions reimbursed several times.
The public prosecutor’s office is therefore also investigating stock exchange employees and searched the group in 2019. Among other things, they are investigating the suspicion that employees have advised banks on share transactions at the expense of taxpayers. An expert opinion commissioned by the Hessian stock exchange supervisory authority also does not cast a good light on Deutsche Börse.
The company, on the other hand, sees itself relieved by internal investigations and various other reports. He therefore does not assume that group companies of Deutsche Börse “can be successfully claimed as liable parties in a cum-ex context,” affirmed Weimer.
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From his point of view, there is also no reason to examine claims for damages against employees who have left because of Cum-Ex, “since we have not had any indications of relevant breaches of duty by employees who have already left, based on our own internal investigation”. The internal investigations were carried out with the help of renowned law firms.
What does the stock exchange supervisory authority do with a critical report?
In the meantime, the Hessian state parliament is also dealing with how Deutsche Börse deals with cum-ex transactions. After the Handelsblatt article on the report, the FDP parliamentary group sent a catalog of questions to the Hessian Ministry of Economic Affairs, which is responsible for the exchange supervisory authority, on behalf of the exchange supervisory authority.
The report recognized blatant misconduct on the part of Deutsche Börse in connection with the cum-ex transactions. The deputies asked how the state government would assess the results of the report. And what concrete need for action the state government derives from the results of the report.
But Economics Minister Tarek Al-Wazir (Greens) gave hardly any answers to the 19 questions, says FDP MP Stefan Naas. “That was very disappointing. Al-Wazir brushed it off with reference to Section 10 of the Stock Exchange Act and took the position that he was not allowed to say anything.”
Only when asked what the report had cost the state of Hesse did the Greens politician give an answer: Hesse did not pay anything for it. The bill was forwarded to Deutsche Börse, which also paid it.
More: Deutsche Börse and the business that was not allowed to exist