A former managing director of a German unit of Fortis was arrested in Spain over allegations he orchestrated Cum-Ex transactions that cost German taxpayers 51 million euros ($52 million).
The 56-year-old man was arrested on the Spanish Island of Majorca, Frankfurt prosecutors said in a statement on Thursday. They didn’t identify him or the bank he worked for. However, according to a person familiar with the matter who asked not to be identified, the man worked for Fortis.
The banker was based in Frankfurt where together with other suspects, he set up Cum-Ex deals from 2008 to 2010, according to ...
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