Prosecutor arrives again at Clearstream

Prosecutor arrives again at Clearstream

Source: Staatsanwaltschaft rückt erneut bei Clearstream an

https://www.spiegel.de/wirtschaft/unternehmen/deutsche-boerse-tochter-staatsanwaltschaft-rueckt-erneut-bei-clearstream-an-a-1284081.html

 The Cologne prosecutor has again made representations to the Deutsche Börse subsidiary Clearstream. This is apparently about tax evasion in so-called cum-Ex shops.

Another raid on the Deutsche Börse subsidiary Clearstream
DPA

Another raid on the Deutsche Börse subsidiary Clearstream
Wednesday, 28.08.2019 15:46

Investigators have again searched the headquarters of Deutsche Börse. The prosecution is looking for evidence of cum-ex-share deals at the expense of the state treasury.

Further details about the raid in the head office of the stock exchange operator in Eschborn near Frankfurt did not make the public prosecutor's office Cologne. The focus is on the clearing and custody business Clearstream of Deutsche Börse. At the behest of the public prosecutor's office in Cologne about 50 officials were on Tuesday before the announcement.

Investigations against customers and employees

A speaker of the German stock exchange had announced that the searches had taken place in the course of investigations against customers and coworkers. According to information of the "Handelsblatt" it concerns the suspicion on assistance to the tax evasion with so-called Cum Ex transactions.

In such stock deals, investors used a gap in the law to bounce the government down billions for years. Around the dividend record date, shares with ("cum") and no ("ex") dividend entitlement were moved back and forth between several participants.

 

  In the end, the tax authorities were no longer sure who owned the papers. The result: tax offices reimbursed capital gains tax that had not been paid at all. The tax loop hole was closed in 2012.

br / dpa