Bankers in Cum-Ex Trial Fear ‘Financial Annihilation’ Bill (1)

The two former investment bankers standing trial in Germany over their role in controversial dividend-tax deals have sought to avoid jail time by cooperating with authorities. Now the pair face another threat: a massive, 207 million euros ($233 million) tax bill slapped on them by the Federal Tax Office.

Martin Shields and Nicholas Diable were served with letters by the tax authorities outside the courtroom in Bonn on Feb. 19, according to a court spokesman. The letter, a required step before any tax order can be issued, raises the prospect that the two defendants will have to pick up the ...