"Steck's cooperation with authorities and role as a whistleblower considerably reduced his sentence to a suspended jail term, despite being a central figure in the 'Cum-Ex' fraud."
"The 'Cum-Ex' scandal has cast a long shadow over German politics, implicating former Chancellor Olaf Scholz, but he has denied any wrongdoing and faced no charges."
"Despite the massive scale of the fraud causing €428 million losses to tax authorities, Germany has only recovered about €3.4 billion, with tens of billions still missing."
"Convicted alongside Hanno Berger, Steck designed complex transactions enabling multiple refund claims on dividends, marking a significant moment in Germany's largest tax fraud case."
Kai-Uwe Steck has been convicted for his involvement in Germany's largest tax fraud scheme, known as 'Cum-Ex.' The scandal implicated him as a central figure, contributing to losses of over €428 million to tax authorities. Despite the prosecution seeking a longer sentence, Steck received a suspended jail term of one year and 10 months, largely owing to his cooperation with investigations. He must repay €24 million, with €11 million already returned. The scandal has also drawn political scrutiny, affecting figures like former Chancellor Olaf Scholz.
Read at euronews
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