What role did Olaf Scholz play in the Cum-Ex affair about the Warburg Bank? A question that has not yet been definitively answered. While Scholz claims not to have been involved, numerous indications speak against him. Now new ones are added.
And these burden Scholz. The Cologne public prosecutor’s office examined the mailboxes and the digital calendars of the Hamburg financial administration, including those of Scholz. And encountered a “conspicuous imbalance”. The findings are available to the “Spiegel”.
The investigators describe the “imbalance” as follows: In the period before 2020, “hardly any emails on the topics of Cum-EX or Warburg could be found”. At the same time, however, “numerous references in the calendar entries” were found, writes the “Spiegel”.
In plain language, this means that the calendars, including Scholz’s, contained various appointments that were related to the Warburg Bank. Apart from that, however, hardly anything could be found. The conclusion of the investigators: “This indicates a targeted deletion on the topics Cum-Ex and M.M. Warburg”.
In 2016, the city of Hamburg waived a tax refund of 47 million euros from the Hamburg Warburg Bank. The money originally came from criminal stock deals, so-called cum-ex deals. This involves trading shares around the dividend record date and offsetting the resulting capital gains tax against other losses. In the end, it’s about creating the greatest possible confusion at the tax office and thus reaping profits.
The big question is to what extent politics was involved. Did the then Mayor of Hamburg, Scholz, approve the process – or did he even initiate it? Since 2020, a committee of inquiry has been trying to uncover whether there was political influence in favor of the bank.
But that’s not all the investigators (didn’t) find. In November 2016, the bank’s owners were allowed to visit Scholz twice in the town hall. Scholz himself long pretended not to remember the meetings. At the second meeting, Max Warburg and Christian Olearius tried to persuade Scholz to waive the aforementioned tax refund. Scholz then phoned Olearius. He referred him to the then Finance Senator Peter Tschentscher (also SPD). Today he is the mayor of Hamburg. Eight officials in his office finally decided that Warburg did not have to pay. The city’s claim should expire.
Explosive: According to “Spiegel”, the meeting between Scholz and the bankers was “not noted in Scholz’s electronic mailbox”, citing the Cologne public prosecutor’s office. At the same time, Scholz and Tschentscher had always emphasized that they had no influence.
According to the report, investigators were able to identify a pattern. Important dates were repeatedly missing, including another conversation with Olearius. Doubly explosive: According to the investigators, an internal email from Scholz’s Chancellor Wolfgang Schmidt suggests that the appointment with Olearius “was originally noted”. In it Schmidt writes: “I also remember that we had seen that.”
Furthermore, according to “Spiegel”, the public prosecutor’s office was able to determine that Scholz had been dealing with Cum-Ex for a long time. There have been repeated entries about this since 2011. Several phone calls in 2016. With Johannes Kahrs, the SPD colleague who is said to have opened the door to the Scholz town hall for the Warburg bankers. Kahrs is accused of deep involvement in the Cum-Ex affair. Just a few days ago, 200,000 euros in cash were found in his locker. origin unclear.
But also phone calls with Alfons Pawelczyk. In his capacity, ex-senator for the interior of Hamburg and at that time a consultant for the Warburg Bank. The Cologne investigators describe these contacts as “evidence relevant”.
And then there are the chat histories of the tax officer responsible for the Warburg case. The chats date back to the day the bank decided to waive the tax claim. As Olearius and Warburg wanted from Scholz. In it, the officer wrote: “My devilish plan worked.” She was supported by her superior.
The question is: did Scholz know? Did Tschentscher know? Did one of the two even initiate the whole process? The “Spiegel” relies on defense attorney Gerhard Strate. He is convinced that the officer did not act independently. The sum of 47 million euros is simply too large for this. His conclusion: You can only have implemented the “diabolical plan” “with the knowledge of Tschentscher”.
Next Friday, Scholz will face the Hamburg investigative committee. Already on Thursday he was very monosyllabic at the summer press conference. It is still unclear whether he will say more in the committee. The CDU politician Richard Seelmaecker has already demanded: “Olaf Scholz should finally tell the truth and clean the slate.” It can at least be doubted that this will happen.
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