Beautiful Virgin Islands

Saturday, Aug 22, 2026

German chancellor forced again to deny link to banking tax scandal

German chancellor forced again to deny link to banking tax scandal

Previously unseen emails put former Hamburg mayor Olaf Scholz back in spotlight over €300m fraud scheme
The German chancellor, Olaf Scholz, on Friday again denied allegations that he held a protecting hand over a local bank found guilty of a multimillion euro tax fraud scheme while he was mayor of Hamburg, as the centre-left politician was questioned by a state parliamentary committee in the northern city for a second time.

“I did not influence the Warburg tax procedure,” Scholz said at the start of the session. “There was no political influence on the tax procedure.”

Hamburg-based MM Warburg & Co, Germany’s oldest and largest private bank, is alleged to have swindled the German state out of an estimated €300m through the so-called “cum-ex” scheme between at least 2007 and 2011.

Cum-ex deals involve trading shares at high speed on or just before the dividend record date – the day the company checks its records to identify shareholders – and then claiming two or more refunds for capital gains tax that had in fact been paid to the state only once.

The name refers to rapidly traded shares with (“cum”) and without (“ex”) dividend rights. Last year the German federal court of justice ruled that such schemes were and always had been criminal acts of tax evasion.

Scholz, now the head of Germany’s three-party coalition government, agreed in September 2016 to meet Warburg’s boss at the time, Christian Olearius, while the bank was already under investigation by financial authorities and faced having to pay back €47m in taxes.

Shortly after the meeting, Warburg was told by Hamburg authorities that it did not have to pay the bill after all – a decision partly revoked a year later by the federal finance ministry in Berlin.

On Friday Scholz dismissed as “suppositions and insinuations” claims made by opposition politicians that he had influenced the tax authorities’ waiver by asking Olearius to forward a document outlining his defence to the city’s state minister for finance.

Even though the allegations centre on events that took place six years ago, the affair has captivated German national media again in recent weeks due to the emergence of previously unknown details.

This week it emerged that investigators working for the public prosecutor in Cologne had seized emails from Scholz’s former office manager that suggest the then mayor may have deleted data pertaining to the matter. The Frankfurter Allgemeine Zeitung said the emails clearly “incriminate” Scholz.

The meeting between Scholz and Olearius was described in the former Warburg boss’s seized diary. This was cited in court and leaked to the Süddeutsche Zeitung, though the politician said he could not remember what they talked about when first questioned by a parliamentary committee.

He said he had given no “special treatment” to the banker, whose lending house plays a powerful role in Germany’s second largest city and played a part in rescuing the local shipping company Hapag-Lloyd from a sale in 2008.

At the chancellor’s annual summer press conference in early August, Scholz sounded increasingly frustrated when pressed by journalists on the affair.

“An incredible number of people have been interviewed, an incredible number of files have been scrutinised,” the Social Democratic party (SDP) politician said. “And if you follow the press coverage about the relevant hearings, there’s always the same result: no political influence was exercised when it came to the decisions. I am convinced that this understanding won’t change, that’s very clear after two and a half years.”

Prosecutors in Hamburg backed the chancellor’s stance on Tuesday this week, rejecting a legal complaint seeking to open criminal proceedings against Scholz and ruling they had so far seen no reason to investigate him.

Delegates of the conservative Christian Democratic Union (CDU) and leftwing Die Linke in Hamburg want to expand the investigative committee’s reach to also look into the cum-ex activities of Hamburg Commercial Bank (formerly HSH Nordbank), which would probably lead to more appearances by the chancellor.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Petrol Bombs Set Luxury Cars Alight Outside Birmingham Wedding as Police Hunt Three Men
Bitcoin Surges Toward $80,000 as Short Squeeze and ETF Inflows Ignite Crypto Rally
Twenty-Nine US States Take Meta to Trial Over Alleged Child Addiction on Instagram and Facebook
Former Scottish National Party Executive Peter Murrell Jailed for Five Years Over £400,000 Embezzlement
Moderna and Merck's Personalized Cancer Vaccine Succeeds in Historic Late-Stage Melanoma Trial
Prince Harry and Meghan to Move Back to Britain With Their Children
England and Wales Have Fewer Than 1,800 Prison Places Left for Men
Suspected People Smuggler Arrested After Investigation Identified Him
Children's Doctors Warn That Vaping Can Lead Young People to Smoking
Hundreds of Thousands of Students Receive GCSE and Vocational Results Across England, Wales and Northern Ireland
Here Is What Can Never Happen in Your Country: Taiwan Is Giving Money to All Its People Because It Collected Too Much Tax
UK Inflation Rises to 2.9% as Energy Bills Jump
UK Issues New Conduct Guide for Asylum Seekers on Consent and Respect
A Sleepless Night on Wall Street: Nasdaq to Begin Nearly Round-the-Clock Trading
"The First in the World": 69-Year-Old Protested Artificial Intelligence—and Went to Jail
Ukraine's Ousted Defence Minister Calls for Wartime Presidential Election
China’s Lifelike AI Humans Move From Livestreams Into Real-World Service Roles
Sarah Ferguson Reportedly Retreats to Late Ex-Boyfriend's Swiss Chalet
Cristiano Ronaldo and Georgina Rodríguez Sign Prenup Protecting Their Separate Fortunes
Thieves Steal Antonello da Messina Renaissance Masterpieces From Sicilian Museum
Better.com Founder Who Fired 900 Employees on Zoom Is Ousted as CEO
Italian Speed Camera Issues Nearly 32,000 Fines in 10 Weeks, Worth More Than €3 Million
AI Manager at San Francisco Store Recommends Firing Human Employee
Google Launches Pixel 11 With Gemini AI at the Center of Its Hardware Strategy
Reform UK Unveils Plan to Cut Welfare Spending by More Than £50 Billion a Year
Prime Minister Andy Burnham Praised Extinction Rebellion for Doing a 'Great Service'
UK Wildfire Phone Alert Triggers Backlash as Users Switch Off Emergency Warnings
Heathrow Roads Reopen After Burst Water Main Floods Access to Terminals 2 and 3
Former NBA Players Enes Kanter Freedom and Royce White Say They Will Enter 2027 WNBA Draft
Former Cambridge Professor Jason Arday Found Dead Days After Resigning Amid Plagiarism Row
US Appeals Court Rules AI Agent's Website Actions Are Legally Attributed to the User
France's Constitutional Council Blocks Social Media Ban for Children Under 15
Liechtenstein Changes Royal Succession Rules to Allow Women to Inherit the Throne
Women Allege Rape and Sexual Abuse at British Army College for Teenage Recruits
Minnesota: Two independent investigators posed as Muslims (one wearing a burqa) and showed how they could vote in elections without identification.
China’s Kimi Launches AI-Focused Credit Card With Agricultural Bank of China and American Express
Former Labour Adviser Arrested on Suspicion of Spying for China Held Privileged Access as Top Party Donor
Turkish Parliament Passes Landmark Bill Granting Conditional Amnesty to Disarmed PKK Members
Donald Trump Warns FIFA Against Ousting Gianni Infantino Amid Revolt by Global Football Leaders
Jeff Bezos Joins Investor Group Closing In on $6 Billion Liverpool FC Stake
UK Councils to Receive Sweeping Planning Powers to Ban New Vape and Betting Shops
Russia’s A7 Builds a State-Linked Payments Network Beyond Western Sanctions
Hyper-Realistic Reborn Dolls Draw Collectors Seeking Comfort and Craft
Gen Z Cuts Back on Dating as a Night Out Nears $200
Patients Turn to Artificial Intelligence for Therapy as Psychiatrists Warn of Privacy and Clinical Risks
Couples Embrace ‘Sleep Divorce’ to Protect Rest and Reduce Tension
Meta Ordered to Pay $567 Million and Change Facebook and Instagram Safeguards for Children
Up to only 10 Months in Prison for Swedish Officer’s Murderer Sparks Anger
Success: Nvidia Turned Gaming Chips Into the Engine of the AI Boom
Jorge Messi, Lionel Messi’s Father and Longtime Agent, Dies at 68
×