Olearius Faces Possible Large Tax Payment.
German authorities are reviewing the financial gains of Christian Olearius, a former Warburg Bank head, as part of the Cum-Ex scandal. The investigation aims to determine if he should have paid taxes on profits from a tax avoidance scheme. This could lead to legal action and financial repercussions.
The Cum-Ex scandal involves billions of euros lost by the German state due to tax avoidance. Investigators are looking at whether Olearius, through transactions called 'Taterträge,' was able to retain profits. A German court has ruled that prosecutors can seize these profits, even though a previous case was dropped. Deutsche Bank is also being investigated for potential illegal tax avoidance through Cum-Cum transactions, estimated at €600 million. This investigation began in 2019 and involves a former banker from Macquarie, marking the first time a high-ranking banker has been prosecuted in the Cum-Ex scandal.
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Highlights
New Olearius Review
Authorities are reviewing financial gains by Christian Olearius as part of the Cum-Ex scandal.
Court Allows Asset Seizure
The German court (BGH) allows the state prosecutor to seize Olearius’ Cum-Ex profits.
Olearius Faces Payment
Olearius’ firm faces a possible million-euro payment due to tax fraud allegations.
BGH Overturns Lower Court
The BGH overturned a ruling about seizing Olearius’ assets.
Deutsche Bank Under Investigation
Deutsche Bank is being investigated for potential illegal tax avoidance through Cum-Cum transactions.