The Cologne Public Prosecutor’s Office is reportedly planning to transfer its investigation into the HSH Nordbank case to justice authorities in Hamburg. This development, according to the “Handelsblatt” citing judicial circles, suggests the Cologne office no longer views itself as the appropriate body to handle the matter.
The ongoing inquiry involves allegations of severe tax evasion linked to Cum-Ex transactions-which involve the multiple refunding of capital gains taxes. Specific to the HSH Nordbank, the Cologne authorities have been investigating the matter since 2018 and currently have 26 individuals implicated.
The catalyst for the potential handover was an internal report produced by a law firm. This report detailed alleged tax evasion by the HSH Nordbank that occurred between 2006 and 2011, amounting to at least 112 million euros.
Despite the potential transfer, the overall case remains under the jurisdiction of Cologne. Background suggests that Cologne is managing a much broader investigation, which covers 138 separate Cum-Ex cases involving 1,762 suspects. While the development has been reported, neither the Cologne nor the Hamburg Public Prosecutor’s Office issued any public comment.