Cum-Cum-Investigations Against The Sparkasse |

Prof. Spengel has short grey hair and glasses. He is wearing a dark jacket with a blue shirt and a red patterned tie.

The cum cum deals are considered one of the largest tax scandals in Germany, with estimated losses to the state amounting to billions of euros. Ongoing investigations continue to shed light on how banks and financial actors exploited loopholes in the tax system, raising questions about regulatory oversight and accountability.

Prof. Dr. Christoph Spengel is quoted in Die Zeit and the Badische neueste Nachrichten on the cum‑cum deals and the ongoing investigations. He explains how share transactions were used to generate unlawful tax refunds, involving institutions such as the Sparkasse and Volksbanken as well as securities traders from London and bankers from Frankfurt, Hamburg, and Stuttgart.

According to Spengel, these mechanisms may have caused even greater financial damage than the cum‑ex transactions, which have already attracted widespread attention.

Cum-Cum-Investigations Against The Sparkasse

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