Welcome

Warburg Bank Faces $173 Million Tax Bill After Cum-Ex Trial

April 22, 2020, 1:53 PM

M.M. Warburg & Co. was ordered by the city of Hamburg to repay more than 160 million euros ($173 million) in tax refunds it received as part of controversial Cum-Ex transactions.

The orders cover the years 2007 to 2009, a spokesman for the bank said Wednesday. The bank will challenge the decision as the lender never intended to seek illegal tax advantages, he said.

Warburg was part of Germany’s first Cum-Ex trial that ended in March with the conviction of two traders. As part of the judgment, the court seized 176 million euros from the bank, which the court said ...

To read the full article log in. To learn more about a subscription click here.