Prosecutors search Deutsche Bank HQ over tax trades

BERLIN: Germany’s Deutsche Bank said Wednesday that prosecutors had searched its headquarters in Frankfurt, with media reports saying the probe is linked to alleged “cum-cum” tax avoidance. Cum-cum cases involve investors temporarily transferring ownership of shares to lower tax jurisdictions around dividend day. “We can confirm that prosecutors are carrying out measures in Deutsche Bank’s offices,” the company said in a statement sent to AFP. The bank said that the case “has to do with activities of Postbank between 2008 and 2010.” Deutsche Bank took over Postbank in 2010.

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