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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.

By Buyeleni Sibanyoni and Dewald van Rensburg

19 Sep 2024

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.

Source: Daily Maverick

Daily Maverick is a unique blend of news, information, analysis and opinion delivered from our newsrooms in Cape Town and Johannesburg, South Africa. There are many ways to describe exactly what we do (and for the price of a cup of coffee we’re capable of talking your ears off about it), but the best way to understand the end result is to experience it. Every part of Daily Maverick is free-to-air and no payment is required, although free registration is required for a small subset of functions and pages.

Daily Maverick is run by an independently owned, private company with no affiliation to any other media group (or political party or religious organisation.) Follow Daily Maverick on Twitter at @dailymaverick.

Go to: https://www.dailymaverick.co.za/