Hearing before the BGH Are CumEx transactions a criminal offense?

Status: 15.06.2021 4:41 p.m.

The first proceedings on CumEx transactions have begun at the Federal Court of Justice. The judges must decide whether the deals are a criminal offense as tax evasion. The verdict will have far-reaching consequences. From Klaus Hempel, ARD legal editors They led to one of the biggest tax scandals in German history, in which the German tax authorities were duped and the state suffered billions in damage: the CumEx business. Investors used loopholes in legal regulations to make big money. They were supported by banks and top lawyers who work in large commercial law firms.

The state escapes taxes running into billions

Essentially, these CumEx deals were about stock dividends. These are profits from stock corporations that are distributed to shareholders. Taxes are deducted directly from this and transferred to the tax office. The shareholders can get the money back under certain conditions. In the CumEx business, investors have used an extremely sophisticated system and have taxes reimbursed that were never paid. At some point the dizziness was exposed. In March 2020, the first defendants were convicted by the Bonn District Court: two British stock traders involved in such transactions. Because they cooperated closely with the prosecutor, they were sentenced to relatively mild suspended sentences. Nevertheless, they appealed to the Federal Court of Justice. He must now clarify in a landmark judgment whether the CumEx business is actually a criminal tax evasion. “In the present proceedings, the Federal Court of Justice is dealing for the first time with so-called CumEx transactions from the point of view of tax evasion,” explains Chief Public Prosecutor Thomas Heise from the Federal Prosecutor’s Office. “He will decide whether the peculiarities of these transactions allow a tax that has not actually been paid to be reclaimed from the tax authorities.”

June 15, 2021

Warburg-Bank rejects responsibility

One of the two stock traders had earned 14 million euros from the deals, which he is supposed to repay. The private bank MM Warburg was also involved in the business. According to the judgment of the Bonn Regional Court, 176 million euros are to be collected from her. The bank is defending itself against this at the BGH. Your lawyer Ali Norouzi believes that the law does not justify skimming off the funds. “There were no representatives of the bank in the dock, but traders from other companies who traded for their own account and not for the bank,” argues Norouzi. “They made substantial profits and damaged the bank considerably. Their actions cannot be attributed to the bank.”

06/01/2021

Judgment expected at the end of July with far-reaching consequences

Nevertheless, the public prosecutor said that the millions in profits would have to be collected. The Bonn Regional Court followed this legal opinion. The Federal Court of Justice now has the final say. He plans to announce his verdict at the end of July. His decision is very significant for the lower level of justice. Hundreds of suspects are being investigated for tax evasion nationwide. If the BGH evaluates the CumEx transactions as criminal tax evasion, there will probably be further convictions in which those primarily responsible must expect long prison sentences. File number: 1 StR 519/20

Over the past few days, Miss Khanh Van has continuously impressed domestic and foreign audiences thanks to her personality, flexible fashion style, cleverly integrating meaningful messages with a confident and energetic spirit. . (Photo: CTV/Vietnam+) Every time Khanh Van appears, she always receives cheers and support from the international audience present at the contest venue, showing that the attraction of the Vietnamese representative is not inferior to other representatives. (Photo: CTV/Vietnam+) After side activities such as trying on the opening costumes, filming videos, taking promotional photos, etc., Khanh Van and the contestants entered the practice phase to prepare for important competition nights: National Costume (7 am in the morning). May 14), Semi-final (6 am 15/5), Final (7 am 17/5). (Photo: CTV/Vietnam+) Up to this point, Khanh Van always kept energy, confidence and was extremely excited to strut on stage to express herself. She also did not forget to thank her hometown audience for paying much attention to her in the past few days. In particular, Miss Khanh Van wished good health and hoped that Vietnam would soon control the COVID-19 epidemic again as it had been successful before. (Photo: CTV/Vietnam+) On the same day, Miss Khanh Van was delighted to receive a notification from the crew that her fanpage had reached the milestone of 1 million followers. Khanh Van shared: ‘It is the great love that the audience has for Van. Van does not know what to say other than thank you. Van will try her best at Miss Universe, not only for Van but for everyone.’ (Photo: CTV/Vietnam+) On the eve of the semi-finals, Khanh Van revealed a set of photos in evening gowns, which she took in Vietnam. Each costume has a meaning, promoting the beauty of Vietnamese culture and people. (Photo: CTV/Vietnam+) Design purple V-neck stone dress, hugging the body, combining stone tassel motifs covering the bottom of the skirt. With this design, Miss Khanh Van makes the most of the blooming third round, creating a charm for every step.(Photo: CTV/Vietnam+) The evening design uses black tones, creating a solemn and aristocratic look with a bit of mystery for Khanh Van. Classic design, with long sleeves and high neckline but cut at the hem of the skirt, bringing the spirit of interference between classic and modern. (Photo: CTV/Vietnam+) From May 11-13, Khanh Van will participate in practice activities. On the evening of May 13, she entered the interview with the judges. On the morning of May 14 (at 7 a.m.), the National Costume competition will take place. Semi-finals will take place on the morning of May 15 at 6 o’clock, the final takes place on the morning of May 17 at 7 o’clock. The 69th Miss Universe took place in the US from May 6-16 (US time). Audiences can vote for Khanh Van to enter the Top 21 directly by voting through the Miss Universe application, the voting portal has been opened and will be closed until the end of May 15 (US time). The National Costume contest will open the voting portal from May 13-15 (US time). (Photo: CTV/Vietnam+)

In her latest fashion photo series, runner-up Truong Thi May shows off her beautiful beauty in addition to her stylish fashion style. She did her own light makeup, matching her favorite street fashion style. Truong Thi May mixes branded glasses with a series of her favorite outfits when going down the street. Truong Thi May is a “follower” of monochrome fashion. She often chooses simple outfits, few colors to coordinate with eye-catching accessories. Therefore, the contours of Truong Thi May’s face are very prominent by accentuating accessories. She was also awarded the title “The most beautiful face” by fans, among the beauties who have represented Vietnam in the Miss Universe contest. About to take up the position of the jury of Miss Earth Vietnam 2021- Miss Earth Vietnam 2021, Truong Thi May said that she is spending time researching the contest, studying the message, the charter, and the search goal of the contest. Miss Earth contest at the present time to select the excellent representatives of Vietnam who have all the factors that the organization is looking for to participate in this contest. “Miss Earth is a very meaningful contest, it honors environmental protection activities, combats climate change, contributes to protecting the green planet with humanity, and Vietnam is also one of the places that are strongly affected by climate change. force of climate change. Therefore, May believes that the Miss Earth Vietnam 2021 contest will continue with those meaningful charters, find the beauties, the ambassadors of environmental protection, contribute their voices to the five continents to join hands for a green planet. … … Honored to be the jury, May will try to observe and find worthy faces to continue to represent the beauty, knowledge and actions of Vietnam and participate in environmental activities in Vietnam. The upcoming Miss Earth 2021 contest…” – Truong Thi May shared. In addition, the movie “The Grave Digger” in which Truong Thi May plays the main role is also about to be released, she is spending time preparing to accompany the crew for the upcoming promotions. This is a rare return of Truong Thi May in the film industry. Famous for being a picky person, especially in important roles, Truong Thi May wants to have the most serious investment in all of her artistic activities, so she must feel the role she accepts. Truong Thi May once won the Golden Kite Award for Best Actress (Movie Track).

Despite being the last contestant to perform, Khanh Van still maintained a very good performance. The confident demeanor right from the moment she stepped on the stage, the radiant expression rich in energy helped Khanh Van score very strongly. With a height of 1m76, three-round measurements of 83-61-95, Khanh Van has a standard body, not inferior when standing next to Au My contestant. Another good thing is that Khanh Van’s bikini design is quite flattering and has outstanding colors compared to many other models in this contest. Miss Universe Indonesia is also dressed in a red bikini like Khanh Van, but her hips are slightly narrow. Miss Universe Thailand has a toned waist, which helps her look healthy and active even though she has no advantage in height. While the other contestants tried to show off their physical beauty, Miss Denmark caused questions when using long hair to cover the first round. Contestants from South America always have the advantage of standard, extremely toned physique and so does Miss Universe Costa Rica. Miss Universe South Africa also has a toned body with no excess fat. With a beautiful body and a radiant face, Miss India has a great advantage. She continuously entered the Top 5 of the prediction charts of beauty experts. Miss Mexico also possesses a desirable body and perfect performance skills. It is not by chance that Miss Universe Philippines is the most appreciated in Southeast Asia, her figure is much more impressive than the representatives of neighboring countries.

According to the scoreboard spread on social networks, the representative of Vietnamese beauty – beautiful Khanh Van ranked in fourth place after the night of the traditional national costume contest. Specifically, she scored 90.4 out of 100 points, behind 3 beauties from the Bahamas, Indonesia and the Philippines. Earlier at this competition night, Khanh Van performed in an Ao Dai costume, stepping out of one of the portable cocoon on stage. This performance of the Vietnamese representative received mixed opinions because it was considered cumbersome and cumbersome and did not help her maximize her catwalk ability. However, in the midst of public opinion selling doubt about the above scoreboard, many people realized that it was just a fake transcript. That’s because according to the regulations from the Organizing Committee of “Miss Universe 2021”, the jury will not participate in scoring in the traditional national costume contest, but the final result will be based on the votes of the entire audience. request via online form. This voting will still take place until the time close to the final night on the morning of May 17 (Vietnam time) and the final results will be announced on this important night. Recently, Khanh Van and 73 contestants from all over the world also entered the semi-final night of “Miss Universe 2021” taking place in Florida, USA. Here, the contestants went through a bikini competition with colorful designs of a world famous fashion house. Except for the Israeli beauty who was scheduled to perform as the opening act, all 73 contestants appeared on stage in alphabetical order of the country they represent. Appearing at the end of the competition night, the Vietnamese beauty representative impressed with an attractive, confident and professional performance. At the evening gown competition, Khanh Van chose to wear an orange dress named “Hung Dong” by designer Thuong Gia Ky. It is known that the dress was inspired by the moment of transition between darkness and light, expressing the meaningful message: “After the rain, the sun shines again”. Previously, Khanh Van shared, the orange color blends the strong features of red and the warmth of yellow, making her feel like she is filled with abundant energy when performing. After the semi-final night, the 20 best contestants will be selected by the jury to compete in the final night. Along with that, there will be 1 contestant who won a ticket on this night thanks to paid votes from the audience.