Ex-Warburg Bank CEO Stands Accused in $298 Million Tax Case
- Christian Olearius appears in Bonn court on first day of case
- Probe has also become a headache for German Chancellor Scholz
The M.M. Warburg and Co. bank building in Hamburg, Germany.
Photographer: Morris MacMatzen/Getty Images
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Christian Olearius, the ex-head of M.M. Warburg & Co, appeared in a German court to stand trial over charges he was responsible for Cum-Ex tax deals at the lender that cost the nation €280 million ($298 million).
He’s accused of 14 counts of aggravated tax evasion between 2006 and 2019. Olearius, 81, knew all the details and approved the transactions at the lender, prosecutors claim. The ex-bank chief, who still owns 40% of the firm, has vigorously denied any wrongdoing.