There are two British brokers in their 40s from the City of London financial district who are prosecuted in the law firm called cum-ex. The case concerns a large part of the world's largest banks and the trial has attracted tremendous attention far beyond Germany.

Prosecutors and police have for several years investigated the suspected tax crime in, among others, Germany, Denmark, Belgium and the United Kingdom. The prosecution in Bonn concerns a suspected tax fraud of approximately SEK 4 billion. But overall, the tax havens are estimated to have cost Europe's taxpayers up to SEK 500 billion.

The banks that have been involved in the tax filing have sent a total of 60 lawyers to the Bonn court. About the same number of journalists are in place to monitor the trial.

Could be the start of more trials

The two prosecuted men are among the Crown witnesses who told the prosecutors about the suspected tax crime and upon conviction they are expected to receive a penalty. If the court goes on the prosecutor's line, more trials can be expected against the lawyers, tax lawyers, bank executives and brokers who have participated in the tax fraud.

In October 2018, SVT and the news agency TT, together with a number of news editions throughout Europe, with the help of the German research editor Correctiv were able to reveal the extent of this called cum-ex - and which also affected Sweden.

SEB involved in this

According to German prosecutors and several documents in the database to which SVT had access, the Swedish bank SEB has, among other things, participated in an advanced stock transaction which, according to the prosecutors, cost German taxpayers a billion SEK. Representatives of SEB have denied such funding.

In simplified form, Cum-Ex is about doing a number of complicated stock transactions across national borders to eliminate the tax on dividends or to get back a tax you never paid.