No money house is so in focus in the cum-ex scandal. With the trial of Christian Olearius, the work-up goes into the next round.
(Photo: dpa)
Dusseldorf The private bank MM Warburg has been conducting its business in Hamburg for more than 220 years, but nothing like this has ever happened to it. Christian Olearius, long-time chairman of the board and later chairman of the supervisory board and shareholder of the traditional bank, has to go to court. The charge is serious tax evasion in the amount of almost 280 million euros.
The background is the Cum-Ex affair. The term refers to a short-selling method of stock trading that allows participants to recoup twice as much tax as they paid—sometimes even more. Nationwide there are a good 120 procedures and more than 1500 accused in the matter.
According to information from the Handelsblatt, the main hearing against Olearius is scheduled to begin on September 18 before the 13th Criminal Chamber of the Bonn Regional Court. Judge Marion Slota-Haaf will preside after her predecessor Edgar Panizza was dismissed for bias. Initially, the court scheduled 28 days of hearings until March 22, 2024.
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