The US investment bank already recognized in the early 2000s the profits to be made from cum-ex deals.
(Photo: dpa)
Dusseldorf A large contingent of 80 prosecutors, detectives and tax investigators searched the German branch of the US investment bank Merrill Lynch, which belongs to Bank of America. The reason for the raid is Merrill Lynch’s involvement in cum-ex deals.
A spokesman for the Cologne public prosecutor’s office confirmed on Wednesday the searches “against banks in Frankfurt am Main”. An auditing company is also affected. “In addition, the private homes of three former bank employees who are suspects are being searched. The measures are related to cum-ex transactions that are the subject of the proceedings and related tax evasion models,” said the spokesman for the authorities.
The public prosecutor’s office initiated an investigation under file number 213 Js 184/17 about five years ago. Now officials are hoping to find more evidence of systematic tax evasion in Merrill Lynch’s Frankfurt offices. Bank of America Merrill Lynch did not comment on the short term. In the past, the institute had stated that it did not want to say anything about the ongoing investigation.
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