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Against Barclays and Goldman Sachs can go the investigation in Germany

29.06.2018
Economy, Germany

The Cologne prosecutor's office prepared the first accusations of tax evasion against representatives of leading financial companies, because of which the German budget was short of "billions of euros."
This is with reference to sources familiar with the situation, reports Bloomberg.

Investigators study the documents of dozens of banks, brokerage, accounting and legal companies. Under suspicion are "hundreds of people." According to sources, we are talking about the transactions of Barclays, Goldman Sachs, Bank of America, Macquarie, BNP Paribas. The first charges can be brought in this year.

The Cologne prosecutor's office works with colleagues from Munich and Frankfurt. According to Bloomberg, the investigation has been going on for ten years, but thanks to the recent agreement on the cooperation of several witnesses, the matter received a new impetus.

According to agency sources, the banks helped investors use a loophole in tax legislation. As a result, the two parties claimed ownership of the shares and the tax refund from dividends. According to the investigation, the banks refunded the tax return on income from capital paid once, the so-called Cum-Ex deals.

Commerzbank, Deutsche Bank, M.M. Warburg & Co., Clearstream Banking confirmed to Bloomberg the conduct of an investigation into transactions involving them. Deutsche Bank and Clearstream announced their cooperation with the investigation. A representative of Warburg told the agency that all his operations are legal. Goldman Sachs is not aware of an investigation into the bank or its employees. Other banks that appear in the case declined to comment or respond to Bloomberg's requests.

In autumn 2015, the Swiss regulator suspected HSBC Holdings, Barclays, Deutsche Bank, UBS Group, Julius Baer Group, Morgan Stanley, Mitsui & Co. in the manipulation of the precious metals market. The Swiss competition commission WEKO discovered "signs" that banks could collude to manipulate the spread of supply-demand for gold, silver and other precious metals.

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