Because of alleged economic espionage
Swiss justice puts Cum-Ex investigators on trial
updated on December 9, 2024 – 1:33 p.mReading time: 2 min.
A German lawyer used bank documents to prove illegal cum-ex transactions. The Swiss justice system is putting him on trial for this.
The lawyer Eckart Seith, celebrated in Germany as the person who solved the dubious cum-ex transactions, is again on trial in Switzerland for economic espionage. The defense called for an acquittal on Monday. Former Cologne public prosecutor Anne Brorhilker, among others, demonstrated in front of the high court in Zurich to acquit the lawyer from Stuttgart.
Wiht his research, Seith has uncovered crooked transactions that cost billions in damage to the public sector.Though, the Swiss public prosecutor’s office sees it as a criminal offense that he obtained internal documents from a Swiss bank and presented them to the German judiciary. She accuses him of economic espionage and demands a prison sentence of more than three years.
“If serious crimes have taken place and a third party finds out about them and informs the authorities,that cannot be reprehensible,” Seith told the German press Agency before the start of the court hearing.
Brorhilker described Seith’s tips as crucial to getting the Cum-Ex inquiry rolling. In Germany, numerous proceedings have been and are ongoing against actors who promised investors dream returns with cum-ex investments. The basis was the multiple payment of a capital tax that had only been paid once due to dubious stock transfers.
Seith was largely acquitted in the first trial in Zurich in 2019, but the case went through further instances. He has now ended up back at the high court. Seith expects an acquittal. “Switzerland would otherwise present itself as a haven for international financial market crime,” he told the dpa. The incidents relate to the year 2013.As then, compensation has been sought in Germany for a client who had lost 50 million euros through the cum-ex investments brokered by the Swiss bank J. Safra Sarasin.
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