The Deutsche Bank should have known that other money institutions and financial companies, the Treasury, controversial Cum-Ex-transactions in shares of exceptions. As research of the “Süddeutscher Zeitung”, NDR and WDR, informed the Bank of the state, however, about this practice.
In the case of the disputed Cum-Ex-transactions, investors shifted around the dividend record date, shares (“cum”) and without (“ex”) the dividend claim between several Parties. This left the papers with each other to circulate until the Treasury no longer clear whom they belonged to. This meant that taxes were multiple-refundable. The German state is supposed to be a damage of more than ten billion Euro.
Also against the Deutsche Bank will be determined in the case – you should have paid by the end of 2018, a fine in the amount of four million Euro. Most recently, the private Bank sued the German Bank Warburg: The financial institution accuses the German Bank, to have it in the Cum-Ex-transactions, without Warburg knew of the practice. Deutsche Bank rejects.
Billion-dollar tax tricks behind Cum-Ex-transactions
Cum-Ex-transactions from abroad more possible
The Federal government attempted to become aware of the problem in 2007, to close a gap in the law, which is the Cum-Ex-transactions with enabled. From abroad, but it was more possible, with the stock trading in the Treasury to exempt. To be noticed learning tax law to Deutsche Bank, as the “Süddeutsche Zeitung”, citing internal E-Mails writes. The Bank should have supported the companies which operate Cum-Ex-transactions, with shares and loans.
On the existing gap in the law, the Federal Ministry of Finance was only in 2009 on the other side, to the attention of Deutsche Bank has not informed in advance about the Cum-Ex-transactions from abroad, concludes the “Süddeutsche Zeitung”. Rather, I invoke the Bank internally to a lawyer opinion, according to which share purchaser be entitled to abroad, tax refunds for not paid taxes. In 2012 the Federal government changed the practice in the transfer of the dividend tax in so that the Cum-Ex-work shops at least on the previous type.
The Deutsche Bank, the news Agency dpa stated that it had participated in an organized Cum-Ex-market, neither as a buyer nor as a short seller of the borrowed securities. As large market participants in the money house had been involved in such transactions customer. The Bank is cooperating with the competent authorities.