Swiss court allows extradition of 'cum-ex' figures to Germany

Swiss court allows extradition of 'cum-ex' figures to Germany ...

ZURICH, Dec 22 - A Swiss court allowed the extradition of Hanno Berger, an Anglis lawyer and tax specialist accused of a long tax fraud.

Known as "cum-ex", the scandal is Germany's biggest post-war fraud involving a shares-trade scheme. The government say it cost taxpayers billions of euros.

Among other things, Berger, an independent tax adviser, in Germany, was a promoted scheme, according to the prosecutors.

Berger, 71, who helped represent himself, has always denied any wrongdoing and said what he did was within the law.

His Swiss lawyer was not available for comment on the ruling of the Federal Criminal Court which can be appealed to the supreme court of Switzerland.

Berger was arrested in Grisons on July 7 in Switzerland by Italian authorities.

It involved a rapid trading of major companies in a syndicate of banks, investors and hedge funds, to give the impression of many owners, who entitled to an unfair tax rebate.

The practice continued between 2005 and 2012, which included years following a financial crash and a state-financial misbehavior, and a loophole to encourage the trades was closed to the end.

There have been multiple investigations in Germany, where the government says the state's attempt to buy back billions worth of said seized.

Our standards:

You may also like: