FRANKFURT, Germany (AP) — German prosecutors have charged two British citizens with participating in tax evasion allegedly involving 440 million euros ($495 million).
A regional court in Bonn said Monday that the two, who were not named, were charged with taking part in 34 instances of potential tax evasion while working at a “large financial institution” and then for an asset-management group between 2006 and 2011.
The case relates to so-called “cum-ex” trades in which shares were traded around the date that entitled holders to the annual dividend, resulting in refunds for capital gains taxes that were not paid.
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Additionally, prosecutors in Frankfurt carried out searches related to a cum-ex investigation at a fund company, a law firm and a private home related to transactions from 2009. The case is among 10 pending investigations.
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