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Germany's Scholz faces grilling over tax fraud scandal

Financial scandal costed the government billions

19 August, 13:30
(ANSA-AFP) - HAMBURG, AUG 19 - German Chancellor Olaf Scholz will answer to a committee on Friday as part of investigations into a financial scandal that cost the government billions, as the leader struggles to shed suspicions over his possible role in the huge tax fraud scam. Scholz will testify for the second time to the parliamentary committee in Hamburg, which is probing whether local political figures helped a bank to avoid paying back falsely claimed tax rebates. Scholz was the mayor of Hamburg from 2011 to 2018, when he became finance minister in the cabinet of the then Chancellor, Angela Merkel. First exposed in 2017, the "cum-ex" scam involved numerous participants swiftly exchanging company shares amongst themselves around dividend day to claim multiple tax rebates on a single payout.

Dozens of people have been indicted over the scandal in Germany, including bankers, stock traders, lawyers and financial consultants. (ANSA-AFP).

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