Watch the trial against cum-ex-banker Christian Olearius in progress in the video.
The cum-ex trial against former Warburg boss Christian Olearius began at the Bonn regional court with the reading of the indictment. The proceedings concern cum-ex transactions, which caused one of the biggest tax scandals in the history of the Federal Republic. Prosecutor Stephanie Kerkering said in court on Monday that Olearius had arranged to meet other people inside and outside the Hamburg private bank Warburg for cum-ex transactions. “The defendant is said to have committed 13 acts of so-called Cum Ex transactions as the main shareholder, personal liable partner and spokesman for the partners of a Hamburg private bank. He is said to have established the business model of the so-called illegal Cum Ex transactions there and, among other things, carried out the processing there “Delegated employees. He is said to have been significantly involved in the key decisions.” Another accusation is another particularly serious tax evasion. When the Hamburg tax authorities were in the process of examining repayment claims against the bank in 2016 and 2017, the defendant is said to have provided untrue information in order to be able to keep the taxes previously illegally received. “He is said to have then handed this letter not only to the tax administration, but also to political decision-makers in Hamburg so that they should put pressure on the Hamburg tax administration with the aim of ensuring that the taxes do not have to be repaid.” The public prosecutor’s office estimates the damage caused at around 280 million euros. The Warburg case also plays a role in federal politics. Chancellor Olaf Scholz is accused of having influenced the Cum-Ex tax affair during his time as mayor of Hamburg. Scholz has repeatedly rejected this. In this case, the tax authorities of the Hanseatic city had waived a claim of 47 million euros from the Warburg Bank. Back then – in 2016 and 2017 – Scholz had contact with Olearius several times. Former left-wing MP and financial expert Fabio De Masi said in Bonn: “I have filed a criminal complaint against the incumbent Chancellor Olaf Scholz because he attended these meetings with Mr. Olearius in the course of his attempts to influence the tax process , didn’t want to remember anymore.” (Cut) “Mr. Scholz was tried by Mr. Olearius. He met with him three times when he was already under investigation, when a raid had already taken place at the bank, in order to discuss the tax procedure. Mr. Scholz said later “It was his opinion that Cum Ex was always a mess. But if that was the case, then one meeting would have been enough to tell Mr. Olearius and say: As a politician, I can’t do anything for you.” The German state suffered billions of dollars in damages as a result of the Cum-Ex transactions. The cases had a wide impact, which is why there are repeated searches at banks and law firms.