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.
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 &ldquo-cum-ex&rdquo- transactions.
The statement followed a report by daily Handelsblatt that said Commerzbank (CBKG.DE) was the target of the investigators&rsquo- 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.
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