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Cologne prosecutors confirm searched Blackrock offices

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Cologne prosecutors confirm searched Blackrock offices

Cologne prosecutors confirm searched Blackrock offices
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Lucas Jackson(Reuters)
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FRANKFURT (Reuters) - German state prosecutors in Cologne executed a search warrant at Blackrock's offices in Munich on Tuesday, a spokesman said, adding that the company's country chairman, Friedrich Merz, was not suspected of wrongdoing.

The prosecutors are investigating a fraud known as cum-ex that typically involved trading company shares rapidly around a syndicate of banks, investors and hedge funds to create the impression of numerous owners, each entitled to a tax rebate.

(Reporting By Matthias Inverardi; Writing by John O'Donnell; Editing by Maria Sheahan)

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