December 4, 2019 / 1:22 PM / 3 days ago

German court says 'cum-ex' trading scheme was illegal

BONN, Dec 4 (Reuters) - A sham trading scheme to make double tax reclaims which Germany estimates cost it more than 5 billion euros in total was illegal, a criminal court in the German city of Bonn said in a first statement on an ongoing trial on Wednesday.

The landmark trial against two British bankers is the first criminal case brought against those involved in ‘cum-ex’ trading, a practice described by German finance minister Olaf Scholz as a “scandal”.

Reporting by Matthias Inverardi Writing by Arno Schuetze, Editing by Tassilo Hummel

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