Tax scandal: Deutsche Bank probably knew early on from the controversial Cum-Extransactions

Deutsche Bank knew, according to a report by the “süddeutsche Zeitung” early on from the controversial dividend transactions other financial firms, to the detriment of the German state. The money house had already been in March 2007, informed that the banks and funds brought to the Treasury with a so-called “Cum-Ex”transactions systematically to taxes, the newspaper reported on Thursday evening on its website. This is clear from internal e-Mails. The research of SZ, NDR and WDR, Deutsche Bank saw it, to warn the Federal government and instead chose to, in the case of the share transactions as a provider of services insured.

The Deutsche Bank, said on Reuters request, you have participated in an organized “Cum-Ex”-the 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.

Even companies with loans and equity packages are supported

In the case of the controversial stock transactions, investors took advantage of a loophole in the law, to Bouncing around the state over the years to the billions in taxes Around the dividend record date, shares (“cum”) and without (“ex”) the dividend claim quickly between several interested Parties were circulated. In the end, it was not the Treasury’s clear to whom the papers belonged. The result is that financial institutions reimbursed to capital income taxes had not been paid.

The now attached internal emails appeared to show that tax lawyers of the German Bank in 2007, discovered the gap in the law, but apparently no objections against such practices. Even companies have been supported with loans and equity packages, participating in the “Cum-Ex”Deals. It was on a report by a law firm called, said it is legal to make the purchase of shares abroad and thereafter, the tax credits also increase, for not paid taxes. As of 2009, the Federal Ministry of Finance concrete evidence of damage in the course of that business showed up and the Deutsche Bank due to the financial crisis, in close cooperation with the Federal government, warned the state.