BNY Mellon, SocGen May Have to Pay Lost Taxes in Cum-Ex Trial
By Karin Matussek
Feb. 5, 2020, 11:40 AM
Bank of New York Mellon Corp., Societe Generale SA, M.M. Warburg & Co. and German investment company Hansainvest will likely have to reimburse the roughly 400 million euros ($440 million) in lost tax revenue at stake in the first German Cum-Ex trial, a court said.
The four firms, which were ordered to stand trial as associated parties in the case, are likely to face an order seizing the money from Cum-Ex deals, Presiding Judge Roland Zickler said at a hearing in Bonn on Wednesday. The court’s assessment is preliminary and could still change before the judges issue a ...