According to information from the Handelsblatt, the Hamburg private bank has transferred around 30 million to the Federal Central Tax Office.
(Photo: imago images/Hanno Bode)
Dusseldorf For 20 years, countless millions of euros flowed from the state coffers to banks and their wealthiest customers. With so-called cum-ex transactions, they had taxes refunded that had not been paid at all. Now the Treasury is getting the money back bit by bit.
According to information from the Handelsblatt, the major American bank BNY Mellon and the Warburg Group from Hamburg are transferring 60 million euros to the Federal Central Tax Office. The authorities issued a liability notice against both of them. Both banks declined to comment.
The reason was a fund called BC German Equity Special Fund, which Warburg subsidiary Warburg Invest managed in 2009 as an investment company. The financial firm Ballance, led by investment bankers Paul Mora and Martin S., initiated the fund for wealthy investors. Mora has been charged and is wanted internationally. Martin S. was in court in Bonn. The criminal trial ended with a conviction, which the Federal Court of Justice upheld.
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