German court says ‘cum-ex’ trading scheme was illegal

BONN, Dec 4 () – A sham trading scheme to make double tax reclaims which Germany estimates cost it more than 5 billion euros in total was illegal, a criminal court in the German city of Bonn said in a first statement on an ongoing trial on Wednesday. The landmark trial against two British bankers is the first criminal case brought against those involved in ‘cum-ex’ trading, a practice described by German finance minister Olaf Scholz as a “scandal”. Reporting by Matthias Inverardi
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