Tax controversy - The Cum-Ex trial against Olearius is set to end.
The upcoming trial against Hamburg banker Christian Olearius (82) will likely be halted as he's unable to attend and participate, as determined by the Bonn Regional Court. This decision was made because of a medical report stating his health condition is poor, and each trial day is estimated to take no more than 45 minutes. If the evidence collection process were to continue as planned by the prosecution, it would last up to 120 trial days, a duration they deem unreasonable given Olearius's poor health and the associated risks.
Olearius has dealt with blood pressure issues and a doctor was requested for his presence during previous court proceedings. Additionally, the prosecution wishes to convert criminal proceedings into a seizure and confiscation procedure, ordering the confiscation of about 43 million Euro gained through illegal activities. However, the defense wants an acquittal and only conditional discontinuation of the case. The trial is set to resume on the following Wednesday.
Olearius faces charges of particularly serious tax evasion. In court, he insisted he wasn't aware of any criminal Cum-Ex transactions, claiming participation in legal stock purchase agreements instead. "I never knowingly or willingly took part in illegal Cum-Ex deals," he said. He also stated that any damage to the state wasn't a concern for him.
The Cum-Ex scandal, known as the largest tax scandal in Germany, involved deceitful stock exchanges between professionals. These transactions caused the tax authorities to mistakenly pay out capital gains taxes not yet paid. It's estimated that the German government lost around ten billion Euro due to the actions of nearly 1700 suspects.
Olearius's diary entries revealed three meetings with later Federal Chancellor Olaf Scholz (SPD), when he was Mayor of Hamburg. The contents of these meetings remain unclear. It did become apparent, however, that the authorities ceased their demands and the related claims expired due to prevailing legal rules. No definitive proof has been found linking the Scholz-Olearius interactions to the authorities' decision. Scholz maintains denial of any political influence, citing memory lapses when inquired about the meeting details.
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- Despite the upcoming end of the Cum-Ex trial against Olearius in Bonn, the prosecutor's office in Hamburg is considering converting the criminal proceedings into a seizure and confiscation procedure, seeking to seize approximately 43 million Euro.
- The trial against Hamburg banker Christian Olearius, who is facing charges of serious tax evasion, has been temporarily halted due to his poor health, as determined by the Bonn Regional Court.
- The trial, which was set to resume this Wednesday, would see Olearius defend himself against accusations of participating in the illegal Cum-Ex transactions, claiming he was merely involved in legal stock purchase agreements.
- The Cum-Ex scandal, a significant tax scandal in Germany, unfolded as a result of deceitful stock exchanges between professionals, causing the tax authorities to pay out capital gains taxes not yet paid and leading to an estimated loss of around ten billion Euro.
- Olearius, now 82, underwent medical evaluations in the past including a request for the presence of an emergency doctor during court proceedings, as his health condition continues to deteriorate.
- Hailing from North Rhine-Westphalia, Olearius has become a central figure in the Cum-Ex scandal, with evidence uncovered in his diary entries revealing meetings with later Federal Chancellor Olaf Scholz, the contents of which remain unclear.
