Investec defends secret financial provisions in German tax fraud probe
In its 2024 annual report, Investec Bank remained steadfast in providing extremely limited information on “formal claims” from the German Federal Tax Office concerning its involvement in the “cum-ex scandal” that rocked European financial markets several years ago.
Source: Investec.
AmaBhungane has reported extensively on information suggesting Investec’s complicity in massive tax fraud here, here and here.
Cum-ex transactions involve several parties colluding to trade shares in a company right before and after dividends are declared. The aim, as we explain in our introduction to cum-ex scams, is to generate two claims for a refund of dividend withholding tax that has only been passed once.
Read the full article by Ray Mahlaka at Daily Maverick.