Unraveling the Latest in the Maple Bank-Cum-Ex Scandal: More Ex-Bankers Charged
Additional bankers, previously employed, face charges in Cum-Ex share practices - Charged along with Former Bankers for Involvement in Cum-Ex Stock Schemes
Trap those nimble-fingered financiers, eh? The wheels of justice in Frankfurt are turning hotter than a Maple leaf in fall as they delve deeper into the Cum-Ex stock deal fiasco. The General Prosecutor's Office in the city of beer and finance has indicted three more ex-honchos of Canada's Maple Bank group, implicating them in aggravated tax evasion.
According to the General Prosecutor's Office's lowdown, the Maple mess entails bogus tax certificates that allowed the bank to swindle €374 million from the public exchequer between 2006 and 2009.
The large-cheese financial institution, with roots north of the border, was closed down by Bafin, the financial regulator, in 2016. It was gasping for air, drowning under the weight of a Cum-Ex transaction provision.
Ex-Big Kahuna Facing Heat
A Cum-Ex deal, at its peak between 2006 and 2011, was a legal loophole exploited for all it was worth. The game involved trading stocks with and without dividend claims, duping tax authorities into dishing out refunds on unpaid taxes. The state finally nailed the loophole shut in 2012, and in 2021, the Federal Court of Justice ruled that Cum-Ex... errr... tax evasion. Yeah, that sounds about right.
The three indicted include the ex-CEO of the parent company, who was also the big boss of the German subsidiary's supervisory board. The old-timer of 67 is accused of being in cahoots from the get-go in planning and executing the Cum-/Ex transactions and giving them a green light. Also in the hot seat are a 64-year-old jolly old English gent and a 57-year-old Teutonic toady.
Several ex-Maple Bankers have already been handed multi-year prison sentences. Moreover, the Cum-Ex dancefloor isn't cleared yet, with more proceedings related to the complex ongoing.
- Money Laundering
- Scandal
- Tax Evasion
- Finance
- Germany
- General Prosecutor's Office Frankfurt
The General Prosecutor's Office in Frankfurt is investigating a money laundering scandal involving ex-bankers from Canada's Maple Bank group, as they face charges for aggravated tax evasion. The scandal revolves around the false issuance of tax certificates, which facilitated the diversion of €374 million from the German public exchequer through a complex financial schema known as Cum-Ex between 2006 and 2009. The finance industry, both in Canada and Germany, is under scrutiny in relation to this business-related general-news story involving crime and justice.
