German Authorities Search SEB Office In Cum-Ex Probe
By Todd Buell (December 15, 2021, 1:12 PM EST) -- German authorities investigating so-called cum-ex transactions, in which multiple refunds are claimed for a tax that was only paid once, have searched the offices of Swedish bank SEB in Frankfurt, the bank said in a statement sent to Law360 Wednesday.
The authorities who inspected SEB's offices Tuesday and Wednesday were looking into previous employees of the bank's German subsidiary, the lender said. The bank said it is cooperating with authorities but denied any involvement in the cum-ex transactions.
"To the best of our knowledge, SEB in Germany has not offered or conducted transactions where the purpose is to recover tax that was not...
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