Frankfurt / Main (dpa) - The role of the now insolvent Maple Bank in “Cum-Ex” share deals at the expense of the state treasury will be dealt with by the Frankfurt Regional Court from mid-May.
In the main hearing on May 17, five former employees of the bank will initially answer, as the court announced on Tuesday.
The court set a total of 20 hearing dates up to and including September 23rd.
At the beginning of December, the Economic Criminal Chamber had admitted indictments by the Frankfurt Public Prosecutor's Office against six former employees of Maple Bank and two lawyers and tax advisors formerly employed by the major law firm Freshfields.
The allegation is serious tax evasion or aiding and abetting.
The proceedings against the other three defendants have been separated and are to be negotiated separately.
There are no dates for this yet.
In “cum-ex” transactions, investors used a loophole in the law to cheat the state out of money for years.
Around the dividend cut-off date, several participants pushed back and forth shares with (“cum”) and without (“ex”) dividend entitlements.
As a result, tax authorities reimbursed capital gains taxes that had not been paid.
The state suffered billions in damage.
In 2012 the tax loophole was closed.
The accused bankers are accused of having “jointly set up trading structures” that made “cum-ex” transactions possible.
In the past, the investigating authorities put the tax damage in connection with the business of Maple Bank GmbH at a good 346 million euros.
The German institute with Canadian roots was closed in 2016 by the financial supervisory authority Bafin because it was threatened with over-indebtedness due to a tax provision in connection with “cum-ex” transactions.
The accused attorneys are charged with having supported the development of the “cum-ex” trading structures through “courtesy reports” in connection with advisory services for Maple Bank in the period 2007 to 2009, as well as with “substantively incorrect statements to the tax authorities” Having submitted a topic.
Several public prosecutors and courts nationwide have been working on the issue of “Cum-Ex” for years.
Another trial on the complex is to begin on March 25 at the Wiesbaden Regional Court.
© dpa-infocom, dpa: 210302-99-657488 / 2
Notification of the Frankfurt Regional Court on March 2, 2021
Communication from the Frankfurt Regional Court on December 9, 2020
Communication from the General Public Prosecutor's Office in Frankfurt, June 25, 2020
Communication from the Frankfurt Public Prosecutor's Office on January 20, 2020
Frankfurt Public Prosecutor's Office on nationwide first "Cum Ex" indictment on May 2, 2018
Ministry of Finance Hesse on "Cum-Ex"
Report of the Bundestag's Cum-Ex Committee of Inquiry
Infographic «Tagesschau»: This is how «cum-ex» businesses work