BREAKING NEWS

BREAKING NEWS

German prosecutors raid German bank in tax evasion probe

Now Reading:

German prosecutors raid German bank in tax evasion probe

Text size Aa Aa

FRANKFURT (Reuters) – German prosecutors said on Friday they had searched a major Frankfurt bank as well as the homes of several suspects on suspicion of tax evasion via so-called “cum-ex” transactions. The statement followed a report by daily Handelsblatt that said Commerzbank <CBKG.DE> was the target of the investigators’ probe. Commerzbank was not immediately available for comment. Using cum-ex transactions, also known as dividend stripping, banks in Germany exploited a legal loophole that allowed two parties to claim ownership of the same shares.

(Reporting by Maria Sheahan and Tom Sims; Editing by Douglas Busvine)
euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.