Dozens of people are listed as suspects in the Cum-Ex complex.
(Photo: Sueddeutsche Zeitung Photo)
Cologne Small company, huge numbers: In the dividend season 2010 alone, the financial company Avana from Munich is said to have traded around 589 million shares through its funds. The sales volume: 27.8 billion euros. In 2009, Avana made similar deals, classified by tax investigators and prosecutors as cum-ex deals.
The parties involved wanted to have a capital gains tax that was paid once reimbursed twice. In this way, 219.8 million euros in taxes are said to have been distributed to Avana funds. The case is one of the major cases of the Cum-Ex tax affair, comparable to that of Maple Bank and MM Warburg Bank. Both ended up in criminal courts.
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