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Raid at ABN AMRO in Frankfurt in ongoing investigation into dividend fraud

2019-11-19T13:37:38.954Z

The German authorities have invaded ABN AMRO in Frankfurt as part of an ongoing investigation into dividend fraud at the bank. The bank reports this on Tuesday.



The German authorities have invaded ABN AMRO in Frankfurt as part of an ongoing investigation into dividend fraud at the bank. The bank reports this on Tuesday.

This concerns so-called CumEx transactions. These are sales of shares around the dividend date, with both buyer and seller reclaiming dividend tax. Tax authorities miss out on money because of this course of action.

"As part of the ongoing CumEx investigation, the German authorities today requested additional information from ABN AMRO Bank and ABN AMRO Clearing Bank in Germany and the Netherlands," said a spokesperson for the bank.

The bank says that these transactions were done by ABN AMRO and a number of subsidiaries. Those daughters were sold to management in May 2010. ABN AMRO has since stopped its activities.

The investigation into the CumEx transactions has been running since November last year. ABN AMRO says it fully cooperates.

Source: nunl

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