Cum-Ex: Warburg Bank files a constitutional complaint

Released on 22.10. 2021

  • The main entrance of the bank in Hamburg. Photo: Axel Heimken

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A few months ago the Federal Court of Justice confirmed the declaration of the “cum-ex” business as tax evasion. But the Hamburg Warburg Bank does not want to leave the verdict as it is. 2021

Hamburg (dpa) – Warburg Bank, involved in the “Cum-Ex” affair, and its owners Max Warburg and Christian Olearius have lodged a constitutional complaint against a ruling by the Federal Court of Justice (BGH).

In the judgment pronounced at the end of July, the BGH had confirmed a ruling by the Bonn Regional Court against two ex-stock exchange traders from London and thus for the first time established the criminality of so-called cum-ex transactions by the highest court. Warburg and Olearius were violated in their rights guaranteed by the European Convention on Human Rights, said lawyer Peter Gauweiler on Friday in front of the parliamentary committee of inquiry of the Hamburg citizenship. Therefore a complaint was filed with the Federal Constitutional Court on Thursday.

No admission of guilt

In the judgment, the bank owners have the basic right to a fair trial and the presumption of innocence was denied because it contained “final determinations on Olearius’ alleged criminal guilt”, in particular with regard to Olearius, without this having previously been established in a constitutional process, said Gauweiler.

The BGH had ruled that the criminal offense of tax evasion was fulfilled in the case of cum-ex transactions, and also confirmed that Warburg Bank had more than 176 has to repay millions of euros. In the meantime, the Hamburg bank had already settled the claims without an admission of guilt, as the bank had always emphasized. She had also announced that she would continue to take action against the tax assessments.

In their complaint to the Federal Constitutional Court, the bank and its owners now demanded that the BGH judgment be set aside and that it be referred back to the Federal Court of Justice, said Gauweiler.

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