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Cologne prosecutors searched Blackrock offices

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Staff Writer | Wednesday November 7, 2018 8:06AM ET
Blackrock
Europe   Friedrich Merz was not suspected of wrongdoing

German state prosecutors in Cologne executed a search warrant at Blackrock’s offices in Munich on Tuesday, a spokesman said, adding that the company’s country chairman, Friedrich Merz, was not suspected of wrongdoing.


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The prosecutors are investigating a fraud known as cum-ex that typically involved trading company shares rapidly around a syndicate of banks, investors and hedge funds to create the impression of numerous owners, each entitled to a tax rebate.

 

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