The offices of the auditing firm PriceWaterhouseCoopers were raided this morning, in search of evidence of tax evasion by DSK Hyp, a subsidiary of the Swedish bank SEB and a client of the multinational.
According to a spokesman for the Cologne Public Prosecutor’s Office, about 30 police officers, tax officials and prosecutors carried out a surprise search of the offices of PriceWaterhouseCoopers, which is a witness in the “Cum-ex” scandal.
Authorities were looking for possible correspondence regarding these transactions, in which the companies received a tax refund without being entitled to it. There are at least 120 similar cases and about 1,350 suspects in the country.
According to Handelsblatt, the parent SEB has to pay a total of 936 million euros in taxes and interest, but it refuses.
The authoritative financial newspaper points out, however, that the current raid is considered unusual, as, as it states, Prosecutors usually ask audit firms, such as the PWC, for documents required for their investigations, but they rarely invade their offices. The PWC is also said to have been reluctant to release documents.
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