(ANSA-AFP) - BERLIN, 04 AGO - German investigators were
searching the offices of the country's banking association on
Tuesday in relation to a multi-billion-euro share dividend tax
fraud scandal. The public prosecutor's office in Cologne said
searches are being carried out at the Berlin and Frankfurt
offices of the Association of German Banks over allegations of
tax evasion over so-called "cum-ex" transactions. "The
proceedings are not directed against the association's managers
or employees," the Cologne public prosecutor's office said. "The
search is intended to find evidence that may be important to the
ongoing investigation and to further clarify facts," it added.
The association, which represents more than 200 private
commercial banks, said: "We are cooperating fully with the
authorities." First exposed in 2017, the scam involved numerous
market participants quickly exchanging shares amongst themselves
around dividend day, in order to claim multiple tax rebates on a
single payout. (ANSA-AFP).
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