London Trader Turns on Fund Execs at German Cum-Ex Trial (1)

The chief executive officer at asset manager Duet Group took all major strategic decisions on a controversial dividend-tax trading strategy that cost Germany €92 million, a key witness said at a German criminal trial.

So-called Cum-Ex trades was an important business to Duet and CEO Henry Gabay was the most involved of the three partners who owned the business, ex-Duet trader Aneil Anand told a court in Bonn on Thursday. While the owners didn’t take part in the day-to-day management of the deals, they decided key issues and were informed of all development, almost on a daily basis, he said. ...