German tax scandal: Key suspect breaks silence on Cum-Ex fraud
Former tax lawyer Hanno Berger gives first interview since arrest, revealing inner workings of scheme that cost Germany billions.
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Hanno Berger, a central figure in Germany's largest tax scandal, has broken his silence following his arrest, according to Tagesschau.
Berger, a former tax lawyer, granted his first interview since his arrest to WDR, providing insights into the banking world and the Cum-Ex scheme mechanics. The scandal involved financial traders exploiting dividend tax provisions to claim refunds on taxes never paid, causing substantial state revenue losses.
The Cum-Ex trades operated by manipulating stock transactions around dividend payment dates, allowing multiple parties to claim identical tax credits on the same dividend. Berger's testimony offers rare detail on how the scheme functioned within major financial institutions. German prosecutors have pursued dozens of traders and bank employees involved in the fraud, which spanned years and affected multiple European markets.