A trial against the Hamburg banker Christian Olearius has begun as part of the investigation into the billion-dollar Cum-Ex tax scandal. The 81-year-old former CEO of Warburg Private Bank is accused of 13 cases of particularly serious tax evasion, which occurred between 2006 and 2013, at the Bonn Regional Court. In addition, he is also accused of attempting to prevent a tax repayment by providing false information from 2016 to 2019. The prosecution estimates the total tax damage to be 280 million euros.
Olearius attempted to establish „contact in the political sphere“ and exerted political pressure on decision-makers in order to prevent tax repayments for his financial institution, stated prosecutor Stephanie Kerkering in court. He also sought discussions with the then First Mayor Olaf Scholz (SPD) to apply pressure. During one of the meetings with Scholz, the banker presented a draft letter regarding the tax matter, which, however, contained incorrect information about Cum-Ex transactions. At the end of October 2016, the letter was sent to the Hamburg tax administration.
The Hamburg banker is said to have extensively dealt with Cum-Ex strategies and approved corresponding transactions. According to the indictment, Olearius was involved in all planning and was aware of all processes and significant decisions. Additionally, he was responsible for signing tax declarations, which resulted in tax refunds that had not been paid previously.
Olearius hat die Vorwürfe in der Vergangenheit stets zurückgewiesen. Bis März 2024 sind insgesamt 28 Verhandlungstage geplant. Dem Hauptgesellschafter und früheren Chef der Warburg Bank drohen bis zu zehn Jahre Haft.
Verdacht auf politische Einflussnahme
Besondere Aufmerksamkeit gilt dem Prozess wegen umstrittener Treffen von Olearius und Bundeskanzler Scholz. Im Rahmen des Versuchs, die Steuernachzahlung zu verhindern, traf sich Olearius in den Jahren 2016 und 2017 mit dem damaligen Hamburger Rathauschef Scholz. Nach den Treffen verzichtete die Hamburger Finanzverwaltung vorerst auf die Rückforderungen, obwohl sie zunächst andere Pläne hatte. Dadurch verjährte die unrechtmäßige Rückerstattung von Kapitalertragssteuern in Höhe von 47 Millionen Euro. Weitere 43 Millionen Euro wurden 2017 erst auf wiederholte Weisung des Bundesfinanzministeriums kurz vor Eintritt der Verjährung eingefordert. Später beglich die Bank nach eigenen Angaben alle Forderungen.
Die Frage, ob es damals eine politische Einflussnahme auf die Hamburger Steuerverwaltung gab, beschäftigte bereits Untersuchungsausschüsse im Bundestag und in der Hamburgischen Bürgerschaft. Scholz verneint die Frage, beruft sich bezüglich der Treffen mit Olearius aber auf Erinnerungslücken.
During the peak period from 2006 to 2011, investors took advantage of a legal loophole in the Cum-Ex deals. They would transfer stocks with and without dividend entitlements among participants around the dividend record date. Eventually, unpaid taxes were refunded by tax authorities. In 2012, the government closed this loophole. In 2021, the Federal Court of Justice (BGH) ruled that Cum-Ex transactions should be considered as tax evasion.