A banker at the center of a trading scheme German prosecutors say resulted in hu...
BONN - A banker at the center of a trading scheme German prosecutors say resulted in hundreds of millions of euros of illegitimate tax rebates told a court the scheme had taken on an “industrial scale” involving a network of banks and other institutions.
“I am not before you to deny my involvement, but to explain it,” Shields told the court in Bonn on Wednesday. Shields’ testimony is a critical building block in pursuing others potentially involved. The case, Germany’s biggest post-war fraud investigation, is being closely followed in London and Frankfurt, where much of the trading was organized, according to bankers and court documents.
The alleged scheme involved trading shares rapidly around a syndicate of banks, investors and hedge funds to give the impression of numerous owners, each entitled to a tax rebate. Diable is expected to address the court on Thursday. His lawyer did not respond to a request for comment. Shields named banks and financial institutions he said were involved in the scheme, including Warburg, Deutsche Bank and Deutsche Boerse’s trade settlements arm Clearstream.Warburg has been included in the German trial and may have to repay any profit made from the schemes. A spokesman for Warburg has said that it had not received such multiple tax rebates and had never set out to do so.
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