Arab Press

بالشعب و للشعب
Wednesday, Mar 25, 2026

German chancellor forced again to deny link to banking tax scandal

German chancellor forced again to deny link to banking tax scandal

Previously unseen emails put former Hamburg mayor Olaf Scholz back in spotlight over €300m fraud scheme
The German chancellor, Olaf Scholz, on Friday again denied allegations that he held a protecting hand over a local bank found guilty of a multimillion euro tax fraud scheme while he was mayor of Hamburg, as the centre-left politician was questioned by a state parliamentary committee in the northern city for a second time.

“I did not influence the Warburg tax procedure,” Scholz said at the start of the session. “There was no political influence on the tax procedure.”

Hamburg-based MM Warburg & Co, Germany’s oldest and largest private bank, is alleged to have swindled the German state out of an estimated €300m through the so-called “cum-ex” scheme between at least 2007 and 2011.

Cum-ex deals involve trading shares at high speed on or just before the dividend record date – the day the company checks its records to identify shareholders – and then claiming two or more refunds for capital gains tax that had in fact been paid to the state only once.

The name refers to rapidly traded shares with (“cum”) and without (“ex”) dividend rights. Last year the German federal court of justice ruled that such schemes were and always had been criminal acts of tax evasion.

Scholz, now the head of Germany’s three-party coalition government, agreed in September 2016 to meet Warburg’s boss at the time, Christian Olearius, while the bank was already under investigation by financial authorities and faced having to pay back €47m in taxes.

Shortly after the meeting, Warburg was told by Hamburg authorities that it did not have to pay the bill after all – a decision partly revoked a year later by the federal finance ministry in Berlin.

On Friday Scholz dismissed as “suppositions and insinuations” claims made by opposition politicians that he had influenced the tax authorities’ waiver by asking Olearius to forward a document outlining his defence to the city’s state minister for finance.

Even though the allegations centre on events that took place six years ago, the affair has captivated German national media again in recent weeks due to the emergence of previously unknown details.

This week it emerged that investigators working for the public prosecutor in Cologne had seized emails from Scholz’s former office manager that suggest the then mayor may have deleted data pertaining to the matter. The Frankfurter Allgemeine Zeitung said the emails clearly “incriminate” Scholz.

The meeting between Scholz and Olearius was described in the former Warburg boss’s seized diary. This was cited in court and leaked to the Süddeutsche Zeitung, though the politician said he could not remember what they talked about when first questioned by a parliamentary committee.

He said he had given no “special treatment” to the banker, whose lending house plays a powerful role in Germany’s second largest city and played a part in rescuing the local shipping company Hapag-Lloyd from a sale in 2008.

At the chancellor’s annual summer press conference in early August, Scholz sounded increasingly frustrated when pressed by journalists on the affair.

“An incredible number of people have been interviewed, an incredible number of files have been scrutinised,” the Social Democratic party (SDP) politician said. “And if you follow the press coverage about the relevant hearings, there’s always the same result: no political influence was exercised when it came to the decisions. I am convinced that this understanding won’t change, that’s very clear after two and a half years.”

Prosecutors in Hamburg backed the chancellor’s stance on Tuesday this week, rejecting a legal complaint seeking to open criminal proceedings against Scholz and ruling they had so far seen no reason to investigate him.

Delegates of the conservative Christian Democratic Union (CDU) and leftwing Die Linke in Hamburg want to expand the investigative committee’s reach to also look into the cum-ex activities of Hamburg Commercial Bank (formerly HSH Nordbank), which would probably lead to more appearances by the chancellor.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Saudi Arabia Expands Regional Trade Links by Opening New Land and Sea Routes to UAE
World Economic Forum Delays Saudi Conference as Regional Conflict Disrupts Global Agenda
Saudi Arabia and UAE Signal Potential Entry into Iran Conflict if Critical Infrastructure Is Targeted
Global Firms Accelerate Expansion into Saudi Arabia as Economic Reforms Gain Momentum
Global Labour Pressure Mounts as ILO Faces Calls to Reject Saudi Bid to Dismiss Migrant Worker Complaint
Gulf Powers Move Closer to Entering Iran Conflict as Regional Pressure Intensifies
Saudi Arabia Breaks Ranks with Regional Allies Over Response to Iran Escalation
Saudi Arabia Moves Closer to Direct Role as Iran Conflict Intensifies
World Economic Forum Postpones Jeddah Meeting Amid Escalating Regional Tensions
Trump to Deliver Keynote Address at Saudi-Backed Investment Summit in Miami Beach
Saudi Arabia and Kuwait Press Ahead With Energy Agreements Despite Regional Conflict
Can Saudi Arabia’s Yanbu Port Replace Hormuz? Capacity Limits Test Critical Oil Lifeline
Saudi Arabia Detects Ballistic Missiles as Regional Tensions Escalate in Gulf
Saudi Aramco Reduces Oil Shipments to Asia for Second Consecutive Month
Saudi Aramco Reduces Oil Shipments to Asia for Second Consecutive Month
Saudi Arabia and UAE Push Ahead With Major Deals Despite Iran-Related Uncertainty
Formula One Cancels Bahrain and Saudi Arabia Grands Prix Amid Escalating Regional Tensions
Pakistan Signals Strategic Realignment Toward Saudi Arabia Amid Regional Tensions
Saudi Arabia Cuts Oil Shipments to Asia as Regional Conflict Disrupts Key Export Routes
Saudi Arabia Moves to Contain Regional Escalation as Houthis Signal Readiness to Join Conflict
Saudi Arabia Signals Independent Nuclear Strategy Unaffected by Iran Tensions
Saudi Arabia Signals Independent Nuclear Strategy Unaffected by Iran Tensions
Egypt Reaffirms Strong Support for Saudi Arabia as Sisi Condemns Iran’s Gulf Attacks
Saudi Stocks Close Higher as Tadawul Index Gains 0.55% on Broad Sector Strength
Iran Fires Ballistic Missiles Toward Riyadh as Gulf Conflict Intensifies
Barcelona Midfielder Marc Casadó Attracts €40 Million Interest from Saudi Clubs
Strait of Hormuz Tensions Rise as Saudi Arabia Opens Key Air Base to US Forces
Saudi Arabia Confronts Strategic Turning Point as Iran Conflict Redefines Regional Alliances
Saudi Arabia Intercepts Missile as Two Others Land in Remote Area Without Casualties
Saudi Expulsion of Iranian Military Attaché Raises Doubts Over Fragile Riyadh–Tehran Rapprochement
Saudi Arabia’s Strategic East–West Pipeline Gains Global Attention as Energy Routes Face Growing Risks
Iran Reportedly Reduces Strikes on Saudi Arabia Amid Concerns Over Strong Retaliation
Saudi Arabia Criticises Israeli Strikes in Southern Syria Amid Rising Regional Tensions
Egypt and Saudi Arabia Warn Iran’s Actions Threaten Stability Across the Gulf
Egypt and Saudi Arabia Warn Iran’s Actions Threaten Stability Across the Gulf
Saudi Arabia Unveils Comprehensive 2026 Roadmap to Streamline Company Formation
Saudi-UAE Tensions Reveal Emerging Rivalry at the Heart of Gulf Power Dynamics
Saudi Arabia Launches Gulf Maritime Support Initiative to Safeguard Shipping
Saudi Arabia Expands US Military Access as UAE Braces for Prolonged Iran Conflict
Saudi Arabia Expels Iranian Diplomats Amid Escalating Regional Tensions
Saudi Arabia’s Edarat Wins Major Data Centre Deal with Regional Bank
Iran Intensifies Gulf Offensive as Saudi Arabia Intercepts Dozens of Drones
Regional Powers Hold Security Talks as Turkey Seeks New Strategic Pact
Asian Refiners Urge Saudi Arabia to Revise Oil Pricing Mechanism Amid War-Driven Volatility
Gulf States Weigh US Base Access and Military Alignment as Iran War Intensifies
IRGC Claims Strikes on Israel, Kuwait and Saudi Arabia as Conflict Widens
Saudi Arabia Intercepts Multiple Drones Amid Continued Iranian-Linked Attacks
Remains of Fallen Soldier Repatriated Following Death in Saudi Arabia
Iran Tensions Challenge Saudi Arabia’s Strategic Shift to Red Sea Oil Exports
Saudi Arabia Turns to Alternative Export Routes as Hormuz Disruption Strains Oil Flows
×