CUM-EX FRAUD SWINDLES EUROPE’S TREASURIES OUT OF BILLIONS
November 1st, 2018
Taxpayers across Europe have lost some EUR55 billion (USD62 billion) in a massive stock trading fraud – called ‘cum-ex’ - that has hit at least 11 countries, according to a collaborative investigation by European media organisations. Cum-ex involved managers trading a company’s shares rapidly around a syndicate of banks, investors and hedge funds, creating the impression that there were several owners, each entitled to a tax rebate on capital gains tax. France has lost a staggering EUR17 billion (USD19 billion), German tax authorities estimate ...
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.