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Warburg-Bank, involved in the Cum-Ex scandal, claims to have paid all tax claims.

After the group had already paid around 44 million euros to the tax office for large companies in Hamburg in April 2020, another 111 million euros had now been transferred at the end of 2020, the bank announced in Hamburg on Thursday.

The money was made available by the two main shareholders of the Warburg Group.

With the payments totaling 155 million euros, "the taxes set by the tax office for the years 2007 to 2011 due to the so-called cum-ex share transactions of the Warburg Bank have been paid in full," emphasized the bank.

The collection of taxes ordered by the Bonn Regional Court in March 2020 is now done.

Actually, others are guilty

The bank emphasized that it had now paid the entire tax amount on its own, "although third parties initiated and processed the business and made large profits, while the Warburg Group never intended to benefit unfairly from tax credits".

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Accordingly, the bank still does not share the tax assessment of the authorities, according to which it is to be claimed primarily and solely for all tax claims - and continues to take legal action against the tax assessments.

"Claims for damages have now been filed against the initiators, executors and profiteers of the business," said the bank.

These are Cu-Ex deals

Various banks, investors and tax law experts have been involved in controversial cum-ex tax deals for years.

These transactions resulted in billions in damage to the treasury.

In cum-ex transactions, stock traders staged a confusion with the tax authorities with stocks with (“cum”) and without (“ex”) dividend entitlements.

Investors have a capital gains tax paid once on stock dividends reimbursed several times with the help of banks.

For this purpose, these shares were shifted back and forth between several participants around the dividend cut-off date.

Tax authorities then reimbursed capital gains taxes that had not been paid.

Trial is ongoing in Bonn

A lawsuit is currently pending before the Bonn Regional Court against a former authorized representative of the private bank MM Warburg.

The public prosecutor's office accuses him of particularly serious tax evasion in 13 cases, and puts the damage at 325 million euros.

The ex-banker denies the allegations.

After possible witnesses from Great Britain had recently canceled their appearance, there will not be more trial days until the end of January.

In Hamburg, a parliamentary committee of inquiry has also started its work, which is supposed to examine the possible entanglements in Hamburg politics.

Mayor Peter Tschentscher and his predecessor Olaf Scholz (both SPD = invited.