Author: Syedur Rahman 4 June 2021
With a German court sentencing a banker to jail for five and a half years for involvement in the Cum-Ex share selling scandal, Rahman Ravelli’s Syed Rahman gave his thoughts to Law360.
Whilst the sentence itself is not yet final, Syed emphasised how significant the case was, as it is the first time that a banker has been sentenced over Cum-Ex.
He explained that the individual being jailed - after being found guilty of five counts of aggravated tax fraud - is set to cause shockwaves across Europe at a time when Cum-Ex is the subject of numerous investigations in various countries.
With the length of the sentence indicating just how serious the authorities are viewing Cum-Ex, Syed said that there will be many firms and individuals feeling uncomfortable at the outcome of the case.
He also predicted further action from the German authorities as they look to pursue the institutions involved in Cum-Ex, through either civil action or regulatory investigations. With Germany having lost €10 billion to Cum-Ex, it will be looking to prosecute those involved and recover as much of the money as possible.
Syed's article featured in Law360. (Subscription required)
Syedur Rahman is known for his in-depth experience of serious fraud, white-collar crime and serious crime cases, as well as his expertise in worldwide asset tracing and recovery, international arbitration, civil recovery, cryptocurrency and high-stakes commercial disputes.