The German probe into the Cum-Ex tax dividend scandal has hit the Frankfurt offices of Japanese bank Nomura.
Cologne-based prosecutors raided the Frankfurt offices of Nomura as part of a broader investigation into the Cum-Ex tax dividend scandal.
Prosecutors said 80 law enforcement officers are involved in investigating 37 current or ex-employees at an unidentified Asian lender in relation to the Cum-Ex scandal. Suspects’ homes have also been raided. According to «Bloomberg», a German spokesperson at Nomura confirmed that prosecutors attended the offices and said that the Japanese bank was cooperating with the authorities.
Cum-Ex Scandal
Cum-Ex was a European trading strategy that siphoned billions of euros in government revenue by exploiting a law that allowed multiple investors to claim refunds from dividend tax that was only paid once.
The scandal dates back more than a decade ago and financial firms that were targeted by officials include BNP Paribas, Bank of America’s Merrill Lynch, and Barclays with over 1,600 people being probed.
