Cum-Ex proceedings discontinued: Hamburg banker Olearius too sick for his trial | EUROtoday

Get real time updates directly on you device, subscribe now.

The Cum-Ex prison proceedings in opposition to the previous head of the Hamburg non-public financial institution MMWarburg, Christian Olearius, on the Bonn Regional Court have been discontinued. The presiding choose Marion Slota-Haaf made a corresponding ruling on Monday. The cause for that is the 82-year-old's poor well being. Both the general public prosecutor and the protection had requested the early finish of the proceedings, which started in September 2023. With the discontinuance ruling, the query of guilt stays unanswered. Olearius spoke in courtroom earlier than the decision on Monday and once more asserted his innocence. The prosecutor's allegations are invalid.

With the assistance of so-called cum-ex transactions, monetary actors had been reimbursed for taxes that had not been paid in any respect – shares with (“cum”) and with out (“ex”) dividend entitlement had been pushed forwards and backwards in a complicated sport. This prompted the state to undergo losses within the double-digit billions. The peak of those transactions was within the years 2006 to 2011. In 2021, the Federal Court of Justice categorized cum-ex as a prison offense.

The public prosecutor's workplace had accused Olearius of 15 instances of significantly severe tax evasion, which allegedly prompted tax losses of round 280 million euros. In two instances, it’s mentioned that the case remained an try. An attraction in opposition to the dismissal ruling from Monday is feasible, however that is thought of unlikely.

No fee of 43 million euros for now

Since 2020, the Bonn Regional Court has already handed down eight convictions for Cum-Ex, and numerous proceedings are more likely to observe within the coming years. In the proceedings which have now been discontinued, the top of a monetary establishment needed to face Cum-Ex allegations in courtroom for the primary time. Olearius was previously head of the Warburg non-public financial institution and later its chairman of the supervisory board; he’s now solely a shareholder.

For the time being, Olearius is spared having to pay the state 43 million euros as proceeds from the crime on the time. The public prosecutor's workplace had utilized for a so-called confiscation process to be transferred and thus to a sure extent to be decoupled from the prison proceedings. However, the courtroom rejected this final week and identified that the prosecutors had not but accomplished their investigation into this. The public prosecutor's workplace might do that later after which provoke separate confiscation proceedings. This could be concerning the cash and never the query of guilt. Olearius would now not have to look in courtroom. According to his spokesman, he and co-partner Max Warburg had already paid 230 million euros to the state in 2020 due to Cum-Ex.

Connection to Scholz

Olearius is among the best-known Cum-Ex actors. His actions additionally prompted a stir in politics. His diary entries revealed that he had met with the longer term Federal Chancellor Olaf Scholz (SPD) thrice in 2016 and 2017, when he was nonetheless First Mayor of Hamburg. The precise content material of the conferences is unclear. However, it’s a incontrovertible fact that the tax authorities subsequently dropped a tax demand and the claims turned statute-barred underneath the authorized state of affairs on the time. It has not been confirmed that there was a causal connection between the Scholz-Olearius conferences and the authorities' choice. Scholz guidelines out any affect, however cites gaps in his reminiscence when requested concerning the precise content material of the discussions.