- Title: Prosecutors raid Deutsche Boerse offices over share-trading scam
- Date: 27th August 2019
- Summary: ESCHBORN, GERMANY (AUGUST 27, 2019) (REUTERS) EXTERIORS OF DEUTSCHE BOERSE'S "CLEARSTREAM" SUBSIDIARY WITH DEUTSCHE BOERSE GROUP'S LOGO ON SIDE OF BUILDING VARIOUS OF PEOPLE, APPEARING TO BE BUSINESS PEOPLE, LEAVING AND ENTERING BUILDING SIGN OUTSIDE READING "DEUTSCHE BOERSE GROUP" BUILDING EXTERIOR
- Embargoed: 10th September 2019 13:03
- Keywords: Clearstream prosecutors raid Deutsche Boerse offices share-trading scam cum-ex
- Location: ESCHBORN, GERMANY
- City: ESCHBORN, GERMANY
- Country: Germany
- Topics: Company News Markets,Economic Events
- Reuters ID: LVA001ATZSRD9
- Aspect Ratio: 16:9
- Story Text: Public prosecutors on Tuesday raided offices of German exchange operator Deutsche Boerse as part of a broader investigation into a fraudulent share-trading scheme, Cologne's public prosecutor's office said by phone.
A Deutsche Boerse spokesman confirmed that offices of its Clearstream subsidiary were searched, adding that the investigation was focused on both clients and staff.
"As in the past, Deutsche Boerse is fully cooperating with the authorities," the spokesman said by phone.
Handelsblatt first reported the raids, adding that Clearstream apparently played a key role in the illegal dealings.
The investigations focus on a practice, known as cum-ex, which involves cross-border trading of company shares around a syndicate of banks, investors and hedge funds to create the impression of numerous owners, with each entitled to a tax rebate.
The investigation into the scheme began as far back as 2013.
Prosecutors have said the practice misled the German government into paying tax refunds that have cost the country billions of euros.
(Production: Andreas Buerger, Michele Sani) - Copyright Holder: REUTERS
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