Cum-Ex-Scout Faces Another Court Hearing
Eckart Seith, known for exposing shady billion-dollar investment schemes using internal bank documents in Germany, is once more in trouble in Switzerland, this time accused of economic espionage. His legal team is aiming for an acquittal. Former prosecutor Anne Brorhilker from Cologne was among those rallying for Seith's innocence outside the Zurich Cantonal Court.
Seith's investigations have shed light on fraudulent deals that have drained billions from the public purse. However, the Swiss prosecution considers his actions of obtaining internal documents from a Swiss bank and delivering them to German authorities as an act of economic espionage, for which they are demanding a prison sentence of over three years.
Seith defended his actions, stating "If serious crimes are committed and a third party becomes aware of them and reports them to the authorities, how can that be wrong?" to the German Press Agency before the trial.
Scandalous Cum-Ex Deals
Brorhilker claimed Seith's tips were instrumental in launching the Cum-Ex investigations in Germany. Various proceedings are ongoing against individuals promising large returns to investors through Cum-Ex investments. The catalyst was the questionable transfer of shares, leading to the unjust payment of a capital tax that was only paid once.
Brorhilker dealt with the Cum-Ex case as the chief prosecutor in the Cologne Public Prosecutor's Office. She criticized what she considered as inadequate management of the tax scandal during her time in the civil service. She now acts as co-managing director of the Financial Turnaround association, advocating for honest, stable, and sustainable financial markets.
Seith had largely been acquitted in the initial Zurich trial in 2019, but the verdict was appealed, and the case is now back in court. Seith expresses confidence in his acquittal. "If Switzerland is seen as a haven for international financial market misconduct, it would tarnish their image," he told dpa.
The events can be traced back to 2013. Seith won a lawsuit in Germany on behalf of a client who lost 50 million euros through Cum-Ex investments facilitated by the Swiss bank J. Safra Sarasin.
Seith's work in uncovering fraudulent Cum-ex business deals led to the launch of investigations in Germany, as claimed by Anne Brorhilker. The Cum-ex business involves questionable transfer of shares, resulting in unjust tax payments, which is a subject of ongoing legal proceedings against individuals promising high returns to investors.
