Cologne prosecutors searched Blackrock officesStaff Writer | Wednesday November 7, 2018 8:06AM ET
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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