Warburg bankers deny payment to SPD politician Johannes Kahrs

Johannes Kahrs

The SPD member of the Bundestag may have been involved in the cum-ex transactions of the Hamburg Warburg Bank.

(Photo: imago/Metodi Popow)

Dusseldorf “Cum-Ex: Investigators find 200,000 euros in Kahr’s “locker.” With this headline, the Bild newspaper reported a few days ago about a cash find by the police at Johannes Kahrs, a Hamburg SPD leader and long-time companion of Chancellor Olaf Scholz .

Many media picked up the news. The connection with the cum-ex transactions of the Hamburg private bank MM Warburg seemed obvious. Kahrs had held several talks with former Warburg boss Christian Olearius. He was looking for political support in his fight against the tax authorities. The tax office reclaimed many millions of euros that his bank had earned with so-called cum-ex transactions. Those involved had taxes refunded that they had not paid at all.

There is no evidence of a connection between the cash in Kahr’s locker and MM Warburger’s cum-ex transactions. The public prosecutor’s office does not provide any information, Kahrs is silent. A denial comes from Olearius. “We don’t know where Mr. Kahrs got the money from,” says his spokesman. “Definitely not from Warburg.” A press attorney for the main shareholders of the bank added: “Neither Dr. Olearius nor Max Warburg paid even one cent to Johannes Kahrs.” The bank itself declined to comment.

Olearius has problems even without the accusation of bribery. The 80-year-old is accused of serious tax evasion, and the public prosecutor’s office is investigating his SPD contact Kahrs for favoritism.

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Olearius is not only a Hamburg banking icon but also an SPD donor. On September 28, 2021, investigators searched Kahrs’ private rooms. According to the public prosecutor’s office, the overall facts were based on the allegation of tax evasion.

Charges against Olearius are available

Investigators have now filed charges of serious tax evasion against the long-time boss and co-owner of the Hamburg private bank MM Warburg. The court is currently considering whether to admit the charges. There is no question that the bank participated in the cum-ex deals between 2006 and 2011.

“We don’t know where Mr. Kahrs got the money from. Definitely not from Warburg.” Speaker of Christian Olearius

It is also certain that there was a long dispute in Hamburg as to whether MM Warburg had to pay back the taxes from its cum-ex transactions. This question was decided in favor of the bank by the responsible tax office at the end of 2016. One consequence: the statute of limitations on a claim of 47 million euros from the 2009 tax year.

In 2017 there was another dispute, this time about the 2011 tax year. Here, too, everything was aimed at MM Warburg being allowed to keep its millions. Then the Federal Ministry of Finance stepped in and instructed the Hamburg tax authorities to collect the money.

In Hamburg, a committee of inquiry is now dealing with the events. For the opposition in the Hanseatic city, the details of the cum-ex scandal are a political ammunition store, because there was a lively exchange between those responsible for Warburg and politicians.

On March 21, 2016, Olearius met Alfons Pawelczyk, the former Hamburg SPD Senator for the Interior, and Kahrs, a member of the SPD at the time. Olearius noted in his diary that both politicians were ready to help.

Christian Olearius

A respected banker in Hamburg for many years.

(Photo: ullstein bild – Fabricius/WELT)

On September 7, 2016, Olearius and his partner Max Warburg visited the then mayor Olaf Scholz in the town hall. Nothing is known about the content of the conversation. There is no diary entry, Scholz cannot remember.

The next meeting followed on October 14, 2016. Olearius met Kahrs and Pawelczyk again. Olearius wrote in his diary that Kahrs wanted to speak to Scholz before the next appointment between the banker and the mayor. The result of the conversation: It was reasonable for Olearius to come to an agreement with the tax office.

Olearius did not give up. In Hamburg, the banker was not used to important things being decided against him. On October 26, he met Scholz again. Now things were getting on the right track for Olearius.

decision in favor of the bank

After the meeting between the banker and the mayor, MM Warburg prepared a brief summary of their factual and legal view of the tax affair. This paper was sent to Peter Tschentscher, then Finance Senator and today’s First Mayor of Hamburg. A copy of the letter to Tschentscher went to the responsible tax officer P.

>> Also read: “Mr. Olearius was not guilty of anything” – Warburg-Banker protested his innocence

On November 9, 2016, Scholz called Olearius. From Scholz’s reaction it follows that Olearius tried to place his bank’s letter with Scholz as well. But the First Mayor kept the Cum-Ex topic at bay. In his diary, Olearius noted that Scholz told him to send the letter to the Senator for Finance without further comment.

Of course, it was already there – and also unfolded its effect. Peter Tschentscher denies any influence in the affair. In any case, the Hamburg tax office no longer asked for the millions for the Warburg Bank back. Recently, the WDR found a short message from the tax officer P. from this time. She wrote to an acquaintance: “My devilish plan has worked.”

All of these are ingredients that can become a toxic cocktail for the Hamburg SPD in general and for Olaf Scholz and Peter Tschentscher in particular.

The diabolical plans of a tax officer combined with the statute of limitations on claims in the millions are difficult to explain. On August 19, Olaf Scholz is invited before the investigative committee in Hamburg. He should try there.

Scholz before a delicate appearance

It’s going to be a tricky gig. On December 22, 2016, Olearius noted in his diary that he invited Pawelczyk and Kahrs to lunch to thank them for their help. Also in 2017 there were several meetings between Olearius, Kahrs and Pawelczyk. In addition to taxes, donations were also an issue. After a meeting on September 7, Olearius wrote in his diary about Kahr’s complaint that the SPD had lost a donor. He, Olearius, granted half of the failed amount.

Four days later, on September 11, 2017, the managing director of a subsidiary of MM Warburg confirmed that the donation had been made: 13,000 euros. The amount was transferred by a company called Vigor. It was an investment company through which Olearius invested in cum-ex deals.

But even if Olearius thanked the SPD, he didn’t get any help again. On November 10, 2017, Olearius met Scholz again at Hamburg City Hall. On December 13, 2017, Olearius wrote in his diary that Kahrs got in touch. The message was bad. The Federal Ministry of Finance got involved. The Hamburg SPD can do nothing more for him.

That did not change when Olaf Scholz became Federal Minister of Finance in March 2018, and even Chancellor in December 2021. The Bonn Regional Court has now ruled on the Warburg Bank’s cum-ex transactions, and individual employees have been sentenced to long prison terms. The place in the dock has already been reserved for Christian Olearius. And if Olaf Scholz, according to his own statement, can hardly remember his many meetings with the Hamburg banker – the Chancellor will probably not be able to get rid of the topic.

More: Scholz emails searched: The chancellor is under pressure in the Hamburg tax affair

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