Cum-ex scandal: raid on the former HSH Nordbank

The public prosecutor’s office in Cologne searches for information from WDR, NDR and SZ business premises of the former state state bank The Cologne investigators are thus involved in the cum-ex investigation.

Because of its alleged involvement in what is probably the largest tax scandal in German history, HSH Nordbank has now also been targeted by the Cologne public prosecutor’s office. Information from WDR, NDR and “Süddeutscher Zeitung” (SZ), according to the investigators from North Rhine-Westphalia, this morning presented to the legal successor of the former state bank with a search warrant. The raid in Hamburg continues.

The public prosecutor’s office in Cologne confirmed the search of the bank when asked by WDR, NDR and SZ as well as the money house itself. While the prosecutors did not want to comment on details, a spokeswoman for the meanwhile privatized Hamburg Commercial Bank AG emphasized: “The search is not aimed directly at the bank, it is being searched as a third party.”

During such a search, the investigators do not believe that the accused themselves are at the location of the raid, but suspect that the accused have left traces at the location. In the case of HSH Nordbank, the aim is apparently to find traces that former managers of the bank have left in their previous workplaces. Such traces could be e-mails on servers, documents in files. The bank emphasizes that it will cooperate fully with the authorities.

As a reminder: The bank had the matter cleared up by an external law firm itself in 2013/2014 and reported it to the Hamburg public prosecutor and the tax authorities at the time. The tax refund has been paid back in full. The report from the external law firm was also sent to the Cologne Public Prosecutor’s Office after the investigation was taken over.

HSH Nordbank repaid 126 million euros

In fact, in February 2014, HSH Nordbank had already made financial forgiveness after its own examination of the facts. The money house paid back around 126 million euros, which it had possibly obtained through cum-ex deals: those complex financial transactions in which stock traders, tax lawyers, advisors and possibly Landesbankers had taxes reimbursed that no one had paid before.

Particularly spicy: In the course of the financial crisis, HSH Nordbank had to be rescued in 2009 with around three billion euros in tax money. It is possible that the Landesbanker grabbed the treasury with cum-ex deals at the same time. The public prosecutor’s office in Cologne is investigating two former employees of the bank on suspicion of tax evasion.