Solid Platinum Cufflinks - Factory Store
solid platinum cufflinks - Find item for fit your style, find new and fashion product for time limit of 64% discount and enjoy free shipping now! Shop Now.
According to the prosecutors, the scheme was promoted by German tax inspector-turned-tax adviser Hanno Berger and others. He advised Macquarie on cum-ex trading, according to a letter seen by Reuters which was sent by Berger to a Macquarie employee in March 2008. Berger told Reuters he also provided advice to Macquarie on the scheme in later years but he said he was not paid for it. The Macquarie spokesman declined to comment on Berger or the letter. Macquarie said last month its incoming and outgoing chief executives are expected to be named as suspects by prosecutors. The pair were aware of the reputational risk to the bank of the trades, the documents show.
Berger, the central suspect in the investigation who is living in exile in the Swiss Alps, said the banks used a legitimate loophole, which was closed in 2012, and did not break the law, “They (the German state) cannot punish others for their mistakes,” he told Reuters, Some solid platinum cufflinks German officials and prosecutors refute this claim, noting that Germany made attempts to stamp out the practice by changing and clarifying the law in 2007, 2009 and 2012, One top German official, who asked not to be named, said those efforts made clear the trading was illegal..
German authorities estimate the scheme cost the state 5.6 billion euros in tax rebates that should never have been paid, while some experts believe the damage could be 10 billion euros. The state prosecutor in Cologne declined to comment. The documents show that the prosecutors in Cologne made a major breakthrough last year when a group of bankers, including a former Macquarie employee, offered information that showed Santander, Macquarie and others profited from the scheme. Macquarie estimates that it may have to pay 100 million euros in total legal settlements from the trades, roughly half of which it has already paid, according to a person with knowledge of the matter.
Internal Macquarie emails show that outgoing CEO Nicholas Moore and his successor in waiting, Shemara Wikramanayake, solid platinum cufflinks were aware of the reputational risks of the trades and involved in discussions about the funding. A spokesman for Macquarie said Moore and Wikramanayake would not comment, In October 2010, Wikramanayake and three other executives sent a memorandum seen by Reuters to Macquarie’s board of directors, It outlined a funding opportunity that would earn Macquarie between 15 and 20 million euros on each of three 1.1 billion euro loan facilities..
It earned a fee for these loan facilities. “There is a risk that German revenue authorities may seek to deny tax reclaims and take some other action against the parties involved,” they wrote. They said the “anticipated returns” should be weighed against the negative “reputational risk”. Wikramanayake and Moore attended part of a meeting of directors on October 28 2010 in Sydney, when the deals and the “reputation risk” were discussed, according to minutes of the meeting seen by Reuters.
The conditional approval for the funding was given at that meeting before the formal signoff in early 2011, according to the documents, The Macquarie spokesman said the bank lent money to a group of investment funds in 2011 which traded shares that sought to “obtain the benefit of dividend withholding tax credits” but he solid platinum cufflinks said the German authorities refused those claims, The German authorities declined to comment, “Macquarie received extensive external legal advice in relation to its involvement and believed that it was acting lawfully,” he said..
Prosecutors wrote in letters to Santander’s lawyers that they believe the Spanish bank, and its UK subsidiary Abbey National Treasury Services, were actively involved in “a large number” of deals involving short sales - a critical part of the cycle that created the impression of multiple share owners. The Santander spokesman said that to the bank’s understanding, the investigation was focused on three former employees. “To date we have not identified any evidence that the activities under investigation involved senior management or that any of Santander’s or its subsidiaries’ governing bodies were aware of these activities,” said the spokesman.
The bank executed transactions for a number solid platinum cufflinks of U.S, pension funds and its customer Macquarie, prosecutors said, which allowed the funds to make what tax investigators say are “illicit” tax reclaims, The prosecutors do not say how many pension funds, Those services were lucrative for both Santander and Macquarie, the documents show, For example, on May 13, 2011, the New York-based Sander Gerber pension plan received dividends of almost 162 million euros as a result of the trades supported by the two banks, according to the documents..