A former bank board member was sentenced by a German court to
three years and two months in jail for his part in a €93.4
million Cum-Ex scheme.
The Bonn Regional Court announced that it had sentenced the
50-year-old man, who has not named, for tax evasion in relation to
Cum-Ex.
Cum-Ex was a share-selling practice that exploited tax loopholes
until around 2012 - when countries realised what was happening
– and cost nations billions in lost tax revenues. Shares were
traded in a way that disguised the identity of their owner so that
more than one party could claim rebates on capital gains tax, even
though that tax had only been paid once at most.
The Bonn court said that its findings were based largely on the
defendant's extensive confession, which was confirmed by the
evidence of other witnesses; some of whom were prosecuted
separately.
