The tax department of the Deutsche Bank knew, according to research by WDR, NDR and “SZ”, that financial fraudsters are using the institution. But instead of warning the federal government, the bank earned at the affair.
The warning reached the tax department of Deutsche Bank in the spring of 2007. This is clear from internal emails, the WDR, NDR and “Süddeutsche Zeitung” present. An employee summarizes his meeting with colleagues from the tax department. He said it was about business that would probably be reclaimed from German authorities who had not paid anyone before, he writes. The businesses would be run by a large number of players in the financial market and to a considerable extent.
What had the alarm bells of any tax expert had to let cried, the experts of the Deutsche Bank apparently left cold. The tax lawyers, the employee writes, have remained relaxed. The German bank itself has no problems to fear because of the business. After that, they apparently let the shops run and earned as a service to it. The relevant tax authorities apparently did not inform anyone, according to current knowledge.
Multiple refunded taxes discovered
Today it is clear: The described business deals with the probably biggest tax fraud of the federal history. Cum-Ex is the stock trading, which is like a mess. Dividend and non-dividend Shares are tricked back and forth to reimburse a once-only tax on dividend proceeds several times.
The state should have been cheated in this way by a tens of billions in amount. Several prosecutors investigate numerous bank managers and stockbrokers. Among them are two former employees of Deutsche Bank. Whether the exploitation of the loopholes was indeed unlawful, is still not legally clarified.
In 2002, Deutsche Bank itself had called on the banking association to warn the federal government against cum-ex trades. Just in the spring of 2007, when business was discussed at Deutsche Bank, the German government actually tried to stop the scam with a law. But the government made a mistake: If the stock trading was handled abroad, it was still possible to exempt the tax authorities.