Germany’s top criminal court almost doubled the amounts of illicit profits a former chief executive officer of a defunct investment bank and other ex-managers must repay for their roles in the sprawling Cum-Ex tax scandal that’s cost the nation billions of euros.
Frankfurt prosecutors won an appeals court ruling toppling that part of the sentences against ex-Maple Bank GmbH CEO Wolfgang Schuck, 71, and three other bankers, according to a court statement from the Federal Court of Justice in Karlsruhe. The trial court had cut income tax from the amount the men had to give up but was now overruled.
Schuck had initially been sentenced to four years and four months in prison. As well as a fine of €96,000 ($100,000), the trial court also seized €2.9 million in his assets — the profits he made from the deals. The top court has now raised that sum to €5.6 million. His overall sentence and that of another banker will have to be reconsidered by the trial court.
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Barbara Livonius, Schuck’s lawyer, called the ruling “incomprehensible” because income tax shouldn’t be considered part of the profits.
A 64-year-old banker who cooperated with prosecutors and who was given a two-year suspended term now has to pay €11 million instead of €5.7 million, according to the top court. The total amount seized from the four accused sums up to €20 million
Schuck was the first bank boss to be sentenced to a jail term for his role in the sprawling
Three of the accused, including Schuck, also appealed the verdicts but the Federal Court of Justice hasn’t yet ruled on their challenges. However, it seems unlikely that they will succeed after the appeals judges have backed the seizures.
The ruling comes just days after the same tribunal said it upheld the
A year ago, the appeals judges already
The Maple case is: BGH, 1 StR 473/23.
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