Frankfurt prosecutors have charged six people - including three former London-based investment bankers - for allegedly getting improper refunds on taxes on dividends.
Bloomberg News reports that the charges cover 61 short sales of shares of companies listed on the German benchmark DAX between 2006 and 2008. The trades were valued at $18.7bn, costing tax authorities $124.6m, the Frankfurt General Prosecutor’s Office said Tuesday in an emailed statement that didn’t identify the suspects.
The indictment targets a group of former bankers at UniCredit SpA’s HVB unit who were behind the alleged scheme and Hanno Berger, who was Germany’s most profitable tax attorney before being embroiled in the probe, according to a copy of the charges viewed by Bloomberg News. Prosecutors see Berger as the brains behind the tax strategy they say crossed the line to tax evasion.
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