In Germany's biggest post-war fraud trial, two British ex-Hypovereinsbank traders, Martin Shields and Nicholas Diable, are accused of defrauding the German state out of €447.5m using cum-ex schemes.
ft.com/content/b2d51c…
The Cum Ex scandal involved the claiming of tax rebates on taxes that *had never been paid*. Many of the UK and Europe's largest financial institutions were involved in the fraud, which cost European governments billions of euros in lost tax revenue. dw.com/en/biggest-ger…
Cum-Ex: The German tax case that's putting the entire finance sector on trial bloomberg.com/news/articles/…
ex-HypovereinsBank trader Martin Shields, on trial in Germany's largest postwar fraud trial, is accused of defrauding the German state of €447m though "cum-ex" or dividend-stripping fraud. He faces 10 years in prison if convicted. belfasttelegraph.co.uk/news/northern-…
The "cum-ex" fraud, in which the worlds' leading banks defrauded governments by claiming billions of euros in tax rebates on taxes which *had never been paid* is estimated to have cost European taxpayers €55 billion zeit.de/wirtschaft/201…
'cum-ex' or 'dividend-stripping' fraud, by which banks including the Unicredit owned HypoVereinsbank have defrauded European governments out of €55 billion, explained. @handelsblatt handelsblatt.com/today/finance/…
“The men who plundered Europe”: how a group of cowboy City traders, tax lawyers and maths whizzes allegedly conspired to siphon >€60bn in taxpayers’ money from E.U. countries. #CumExFraud via @philipoltermann theguardian.com/business/2019/…
@philipoltermann The cum-ex dividend washing tax evasion scandal, which was centred on the City of London but has so far only been prosecuted by Germany, hits UK shores. Germany is probing about 100 banks and arrested a @FreshfieldsDE partner last week thetimes.co.uk/article/city-i…
Danish police seize Sanjay Shah's £14.7 million central London mansion, accusing him of defrauding Danish taxpayers out of £1.5 billion #CumExFraud thetimes.co.uk/article/denmar…
Given the pivotal role of London-based bankers and advisors in the cum-ex, or "dividend washing", fraud which cost European exchequers €60 billion, why is @TheFCA not being more proactive? Photo: Jason Hawkes globalbankingregulationreview.com/conduct-regula…
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