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rdf:type	schema:NewsArticle
schema:articleBody	Germany is hunting a New Zealand man over suspicion he was involved in the "cum-ex" tax fraud scandal that cost European treasuries billions of euros, federal criminal agency BKA said Tuesday. Paul Robert Mora, 53, is "strongly suspected of having planned and carried out so-called cum-ex trades for an investor in his function as head of department of a major bank in the years 2006-2008, together with other bank employees as well as a lawyer and tax advisor," the BKA said in a statement. Under the tax fraud scheme, investors essentially reclaimed tax which had never been paid. First exposed in 2017, the scam involved numerous cooperating participants quickly exchanging stock in companies amongst themselves around dividend day, in order to claim multiple tax rebates on a single payout. Used across Europe, this practice cost Germany 7.2 billion euros ($8.7 billion), Denmark 1.7 billion euros and Belgium 201 million euros since 2001, according to an investigation published last October by European media outlets including German public broadcaster ARD and French newspaper Le Monde. In Germany, a change to the tax law in 2012 closed the legal loophole exploited by the practice, though the German finance ministry insists that it was already illegal. The ministry had said in 2019 that 2.4 billion euros worth of repayments had already been demanded after it identified a total of 499 cases of suspected cum-ex fraud with a total damage of 5.5 billion euros. Prosecutors allege that the trades that Mora was involved in led to the unlawful return of some 113 million euros in capital gains tax which had actually never been paid as a withholding tax. "The real background of the transactions is believed to have been concealed by the accused Mora within the bank," said the BKA, as it asked the public for information that could lead to the arrest of the suspect. A number of major international banks, including Santander and Australian group Macquarie, have been caught up in the German prosecutors' investigations thus far. According to the daily Frankfurter Allgemeine Zeitung, around 100 people have been indicted, including bankers, stock traders, lawyers and financial consultants. hmn/dlc/wdb
schema:headline	Germany hunts New Zealander over 'cum-ex' tax fraud affair
schema:mentions	Dividend Banco Santander Tax law Das Erste Tax evasion Le Monde Hunting Belgium Robert F. Kennedy Frankfurter Allgemeine Zeitung Denmark Germany European Union France Withholding tax Federal Ministry of Finance (Germany) Belarusian Central Council 2015 in Romanian politics Macquarie Group Tax advisor Mora IK History of New Zealand
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-02-09 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	80 (xsd:integer)
http://data.cimple...tology#hasEmotion	anger

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