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FrankfortThe Cologne prosecutor's office on Tuesday searched the premises of the badet manager Blackrock in Munich. According to Handelsblatt's information, Reason is a preliminary investigation into controversial transactions involving cum-Ex transactions. About the raid had first reported the newspaper "Bild".
"Blackrock is cooperating fully with the investigating authorities in connection with an ongoing investigation into cum-ex transactions over the 2007-2011 period," said a spokesman for the group.
The Munich public prosecutor kept silent on request and a spokesman for the Cologne prosecutor did not want to comment on the search. He did not confirm the report, but does not deny it.
However, it is known that the Cologne prosecutor at the Cum-Ex-Tax case in the environment of many banks has identified and now runs a number of three-digit defendants.
For the chairman of the supervisory board of Blackrock, Friedrich Merz, the research falls at the wrong time. The presidential candidate of the CDU party is now scheduled to conduct searches in Munich as chief supervisor of the wealth manager.
This could be detrimental to his candidacy for leadership of the CDU party. Merz is in competition with CDU Secretary General Annegret Kramp-Karrenbauer and Federal Health Minister Jens Spahn. Although the 62-year-old has only been Chairman of the Supervisory Board of Blackrock Germany since March 2016, he is not responsible for years of tax transactions. But Merz must fear that this story will further tarnish his reputation.
As his spokesman has pointed out, Friedrich Merz has recently moved away from the "Süddeutsche Zeitung" from this type of tax savings. "Actions such as Cum-Ex and Cum-Cum ultimately serve to exonerate taxpayers," said Merz. These transactions are totally immoral, regardless of their legal value.
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Recently again, the Handelsblatt reported on new investigations from Cologne against the Australian investment bank Macquarie, which would be involved in this case. In addition, investigations against private banks, J. Safra Sarasin and M. M. Warburg.
It's complicated tax deals
The cum-ex-business controversy of many financial institutions has been dealing with the lawsuit for a long time. There are complicated tax deals where investors have misused taxpayers to generate billions of profits at the expense of taxpayers.
Blackrock is the largest badet manager in the world. New Yorkers manage funds exceeding $ 6.3 trillion. This sum is twice as large as the German gross national product, ie all goods and services produced in Germany during a year.
The group is involved in almost all major German companies. They are the sportswear manufacturer Adidas and the insurance group Allianz, as well as the two chemical and pharmaceutical companies BASF and Bayer. In Germany, about 150 people work for Blackrock.
Larry Finch
Blackrock wants to stick to Friedrich Merz – if it is the president of the CDU
Larry Fink, head of the world's largest badet manager, Blackrock, is conciliatory: a return from Friedrich Merz to Blackrock is not ruled out.
Friedrich Merz has rendered long service to the badet manager. Not only did he make the name known, but he also mingled with all the debates that moved the public.
During the talks, he defended Blackrock against criticism of the growing influence of exchange traded funds on stock prices. Americans are the world's largest providers of these so-called ETFs.
Political criticism has recently been sparked primarily by Blackz's involvement in Merz, the power of the financial giant and his business practices. Merz rejected this criticism. Blackrock was "not a grbadhopper.This is not private equity, it is an badet manager.I feel very comfortable with that," he had recently told reporters in Berlin.
The company manages the badets of hundreds of thousands of trust clients. It was "no conflict situation". The recent search of the Cologne prosecutor is certainly not conducive to his major political projects.
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