Ex-banker Christian Olearius rejects cum-ex allegations and criticizes investigating authorities.

Ex-banker Christian Olearius rejects cum-ex allegations and criticizes investigating authorities.

The new verdict in the Cum-Ex trial against former banker Christian Olearius is causing a stir in the financial industry. Olearius has denied all allegations against him and maintains that he is innocent. He states that he assumed that the share purchase agreements were legal and that he never intended to harm the state. He also rejects the allegations of a violation of Olaf Scholz's official duties as “adventurous”.

According to a report from Die Welt, the public prosecutor's office accuses Olearius of serious tax evasion in 14 cases between 2006 and 2020, which is said to have caused damage to the tax authorities of almost 280 million euros. Olearius dealt in detail with the strategies of the Warburg bank and also approved cum-ex transactions. Olearius' defense attorneys accuse the public prosecutor of massive prejudgment and emphasize that their client is innocent.

The impact of this ruling could be far-reaching. On the one hand, further investigations could be initiated in the “Cum-Ex area”, which would be directed against around 1,700 suspects. This could lead to searches at banks and law firms. On the other hand, the case could also have political consequences. The Union called for the establishment of an investigative committee in the Bundestag to investigate the role of Chancellor Olaf Scholz in the Cum-Ex tax affair. Scholz is accused of having influenced the case, which he denies. The renunciation by the tax authorities of the Hanseatic city of a claim of 47 million euros from the Warburg Bank could once again cause discussions.

Overall, it remains to be seen how the Cum-Ex trial and the verdict will affect the market and the financial industry. There could be increased scrutiny of business practices and tighter controls on financial transactions. The reputation of the banks and individuals involved could be damaged and investor confidence in the financial industry could be further shaken.