Sat11252017

LAST_UPDATESat, 25 Nov 2017 2am

German Prosecutors Raid German Bank In Tax Evasion Probe

FRANKFURT - German prosecutors said on Friday they had searched a major Frankfurt bank as well as the homes of several suspects on suspicion of tax evasion via so-called “cum-ex” transactions.

The statement followed a report by daily Handelsblatt that said Commerzbank (CBKG.DE) was the target of the investigators’ probe.

Commerzbank was not immediately available for comment.

Using cum-ex transactions, also known as dividend stripping, banks in Germany exploited a legal loophole that allowed two parties to claim ownership of the same shares.

-Reuters