Cum-Ex, a strategy that took advantage of how Germany collected dividend tax, involved multiple parties claiming refunds on a tax that was paid only once.
Cum-Ex, a strategy that took advantage of a loophole in how Germany collected dividend tax, first appeared in interbank trading long before it was adopted by hedge funds and the super rich.
A massive leak of German prosecutors’ documents has revealed how the investment bank took part in the epic European ‘cum-ex’ scam out of its small Irish office. Approval for the bank’s participation in the schemes, witnesses and documentary evidence suggest, came from head office in Joh.