in recent years. The Irish lender is one of a number of banks and financial services company named by witnesses in the case.
However, it appears that the Bank of Ireland link is tenuous as it relates to a nominee company associated to a subsidiary of the group that was sold eight years ago.began hearing a trial where two UK investment bankers, identified only as Martin S and Nicholas D, have been charged with helping set up transactions between 2006 and 2011 that allegedly resulted in €400 million of losses to the German state.
The two men, who are co-operating with authorities in an effort to avoid jail time, have painted a picture of the how the wider financial industry was involved in so-called cum-ex deals, which allegedly took advantage of a German loophole – closed in 2012 – that allowed firms and individuals to trick tax authorities into refunding dividend tax that was never paid.
These trades exploited an interpretation of tax laws that seemed to enable multiple people to claim ownership of the same shares and the right to a refund of taxes withheld from dividends. Short selling of stock led to more than one investor claiming a refund while the tax was paid only once, according to the authorities. The current case is one of dozens in the works, amid estimates the German state lost out on €10 billion of tax.
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