TP ICAP’s lawyers say it is aware of reviews, inquiries, investigations and proceedings by relevant authorities involving the German Federal Tax Office, Frankfurt and Cologne prosecutors. ICAP acted as a broker in deals under review in the case, according to the court filing.
NEX ICAP TRIAL
Prosecutors also mentioned it in a Bonn court on Tuesday, where the second German trial over Cum-Ex started. The unit’s alleged involvement in Cum-Ex trading was described in at least three out of five indictments filed in Germany so far. It’s the first time the 2020 warrants and Cologne’s new probe into the business have been made public.Ĭum-Ex deals ended in Germany in 2012 when the nation revised its rules, but the tax schemes may have cost taxpayers more than 10 billion euros ($11.9 billion). TP ICAP’s lawsuit lifts the lid on the extent of the unit’s alleged role in what has become known as the biggest tax fraud in European history. Spencer didn’t respond to a request for comment through his representatives. Why ‘Cum-Ex’ Tax Dodge Casts Shadow on Global Banks: QuickTakeĪ spokesman for CME said the company has filed a court document to dismiss the case and declined to comment further. “The existence of the alleged “Cum-Ex” trades and the regulatory enquiries in Germany were not disclosed to Tullett Prebon during the sale process.” “These trades, which are being investigated by several German authorities, occurred some years before Tullett Prebon acquired the voice-broking business of ICAP” at the end of 2016, it said. in the High Court in regard to investigations by governmental authorities concerning a number of matters, including alleged ‘Cum-Ex’ trades in Germany,” the company said in an emailed statement. TP ICAP “has issued a claim case against NEX Group Ltd. The voice-broking business was “a spider in the web” or “the glue that held the system together” when it came to Cum-Ex trading, according to the Cologne order, cited in TP ICAP’s lawsuit. TP ICAP is seeking to force it to pay any fines and litigation costs that may arise from the ongoing probes. TP ICAP accuses NEX of failing to reveal the company’s alleged role in Cum-Ex trading during the sale. The details of the probes were disclosed as part of TP ICAP’s lawsuit against NEX Group Plc, the remaining businesses that Spencer sold to U.S. Cum-Ex trading was a controversial practice where shares were rapidly traded to earn duplicate tax refunds on dividend payments. In September, Cologne opened another formal investigation into alleged tax evasion on Cum-Ex trades against the unit. The European Union will consider about 40 equivalence decisions this year, determining how much equity, fixed-income and other investment banking business can remain in London and still serve EU clients. St Paul's Cathedral and skyscrapers including 22 Bishopsgate office tower, the Leadenhall building, also known as the "Cheesegrater", The Scalpel, and 20 Fenchurch Street, also known as the "Walkie-Talkie" dominate the skyline in the City of London, U.K., on Wednesday, Jan. The deal more than doubled its revenue, but has left the firm with a number of headaches in the form of regulatory and criminal probes. TP ICAP emerged as the world’s biggest inter-dealer broker after Tullett Prebon bought the voice-broking business of arch-rival ICAP from city grandee Michael Spencer in December 2016. Prosecutors in Cologne and Frankfurt obtained new orders allowing them to seize documents earlier this year, as part of proceedings against the unit and its employees, according to a court document filed by the firm. (Bloomberg) - A TP ICAP Plc unit is accused of being “a spider in the web” of controversial Cum-Ex trading by German prosecutors, who have targeted it with search warrants and multiple investigations. Partly thanks to the government’s stimulus program, German activity has staged a strong rebound after collapsing in the second quarter, and companies have turned slightly more optimistic that it will continue to accelerate into next year. Skyscrapers stand on the financial district skyline in Frankfurt, Germany, on Wednesday, Sept.
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