German exchange organization Deutsche Boerse had its offices near Frankfurt raided on Tuesday as prosecutors probe suspected illegal dealings of its subsidiary, media said
MOSCOW (Pakistan Point News / Sputnik - 27th August, 2019) German exchange organization Deutsche Boerse had its offices near Frankfurt raided on Tuesday as prosecutors probe suspected illegal dealings of its subsidiary, media said.The Eschborn-based Clearwater firm is accused of having helped clients lend shares to one another to reimburse dividend tax on them multiple times. The scheme became known as cum-ex.
A spokesperson for Deusche Boerse confirmed to the Handelsblatt daily that "as part of an international investigation into the cum-ex case the premises of Deutsche Boerse Group were searched today."
"Deutsche Borse fully cooperates as it did in the past with investigative authorities," the spokesperson added.
The German government became aware of the loophole in its tax law and closed it in 2012. The probe was extended to Deutsche Boerse, which operates the Frankfurt stock exchange, in 2017. Both clients and staffers are investigated.
