In its 2024 annual report, Investec Bank remained steadfast in providing extremely limited information on 'formal claims' from the German Federal Tax Office in relation to its involvement in the so-called cum-ex scandal that rocked European financial markets several years ago.
AmaBhungane has in the past reported extensively on information suggesting Investecs complicity in massive tax fraud: here , here and here .
Cum-ex transactions involve several parties colluding to trade shares in a company right before and after dividends are declared. The aim, as we explain in our introduction to cum-ex scams , is to generate two claims for a refund of dividend withholding tax that has only been passed once.
The cum-ex transactions in question resulted in European governments losing billions of euros in tax revenue because of various banks, lawyers, and investment funds cashing in on what they claimed was a tax loophole.
In a brief note in its financial statements, Investec said it was cooperating with the German authorities and continued to conduct its own internal investigation.
