Prosecutors indict four foreign investment bankers

Dusseldorf The Cologne public prosecutor has presented the next indictment in the Cum-Ex scandal. A spokeswoman for the Bonn Regional Court confirmed receipt of the charges, but did not name any names. The 9th Major Criminal Court is responsible for the case, the file number is 29 KLs 5/22.

According to information from the Handelsblatt, the charges are directed against four – some former – investment bankers from the London finance company Duet. The accusation is serious tax evasion.

The legal processing of the cum-ex scandal is thus gaining momentum. The Latin term describes stock group transactions around the distribution date with (cum) and without (ex) dividend. For more than ten years, there have been investigations into the practice of banks and investors of having capital gains tax paid only once reimbursed twice.

Nationwide there are more than 100 procedures and more than 1600 suspects. The first processes began in 2020. Three trials have been completed, all of which have resulted in guilty verdicts. Four main negotiations are currently underway in Bonn, Wiesbaden and Frankfurt.