Share

German prosecutors bring charges in tax loophole case

Share

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.

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.

The Western Journal has not reviewed this Associated Press story prior to publication. Therefore, it may contain editorial bias or may in some other way not meet our normal editorial standards. It is provided to our readers as a service from The Western Journal.

Truth and Accuracy

Submit a Correction →



We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

Tags:
Share
The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands. Photo credit: @AP on Twitter
The Associated Press was the first private sector organization in the U.S. to operate on a national scale. Over the past 170 years, they have been first to inform the world of many of history's most important moments, from the assassination of Abraham Lincoln and the bombing of Pearl Harbor to the fall of the Shah of Iran and the death of Pope John Paul.

Today, they operate in 263 locations in more than 100 countries relaying breaking news, covering war and conflict and producing enterprise reports that tell the world's stories.
Location
New York City




Conversation