“Cum-Ex investigator” Seith stands trial again in Zurich
Published: Monday, Dec 9th 2024, 05:40
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The case of the German lawyer Eckart Seith, who became known as the "Cum-Ex investigator", will be tried again in Switzerland. Following its rejection by the Federal Supreme Court, the case will be heard for the second time today, Monday, by the Zurich High Court.
Seith is charged with economic espionage and offenses against the Banking Act because he obtained internal documents from Bank J. Safra Sarasin and passed them on to German investigators. Two bank employees are also charged.
The Zurich District Court found Seith and the two bank employees guilty in April 2019. Seith was sentenced to a conditional fine. One of the bank employees received a conditional prison sentence, the other a conditional fine.
The Zurich High Court discontinued the appeal hearing in December 2021 because it found an "appearance of bias" on the part of the public prosecutor who had previously conducted the proceedings. This decision was in turn overturned by the Federal Supreme Court in August 2022. The High Court must now bring the proceedings to a conclusion and reach a verdict.
Accused in Switzerland, a whistleblower at home
The topics of tax fraud and banking secrecy have repeatedly caused irritation between Switzerland and Germany in recent years. While Seith is on trial in Switzerland, in Germany he is considered a whistleblower who contributed to uncovering the cum-ex scandal.
The German state suffered billions in losses as a result of cum-ex transactions. Around the dividend record date, investors moved shares with ("cum") and without ("ex") dividend entitlement back and forth between several parties. In the end, it was no longer clear to the tax authorities who actually owned the shares.
Drugstore king Müller sues Sarasin
German tax offices refunded withholding tax that had never been paid. The Swiss bank J. Safra Sarasin had also sold its clients financial products based on this loophole. This was closed in 2012.
One of Sarasin's clients was the German drugstore king Erwin Müller. He lost millions when the Sarasin fund collapsed. He then accused the bank of having given him bad advice and sued it for compensation with the help of lawyer Eckart Seith and internal bank documents from Switzerland.
The Ulm Regional Court finally ruled in his favor. It sentenced the bank to pay damages of 45 million euros in 2017. In July 2021, the German Federal Court of Justice ruled that cum-ex transactions constituted tax evasion. Since then, they have been considered a criminal offense.
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