for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
ETF News

Cologne prosecutors confirm searched Blackrock offices

FRANKFURT, Nov 7 (Reuters) - German state prosecutors in Cologne executed a search warrant at Blackrock’s offices in Munich on Tuesday, a spokesman said, adding that the company’s country chairman, Friedrich Merz, was not suspected of wrongdoing.

The prosecutors are investigating a fraud known as cum-ex that typically involved trading company shares rapidly around a syndicate of banks, investors and hedge funds to create the impression of numerous owners, each entitled to a tax rebate. (Reporting By Matthias Inverardi; Writing by John O’Donnell; Editing by Maria Sheahan)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up