The Mainz North Channel Bank is insolvent. The lawyer Dietmar Haffa von Schultze
Previously, the financial regulator Bafin had North Channel Bank GmbH
North Channel Bank is small and, according to Bafin, has no relevance to financial stability. The deposits of the approximately 500 remaining depositors are protected by the statutory deposit insurance.
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According to Bafin, the bank was heavily involved in “cum-ex” share deals in Denmark and Belgium from 2012 to 2015. In such deals, several participants pushed blocks of shares with and without dividend rights back and forth around the dividend record date.
As a result, tax offices reimbursed capital gains taxes that had not been paid at all. According to Bafin, the Danish and Belgian tax authorities are demanding a total of 176 million euros in damages from North Channel Bank. However, the institute was unable to meet the claims, whereupon the Bafin intervened.
The North Channel Bank was founded in 1924 under the name Bankhaus Oswald Kruber GmbH
The original of this article “Deutsche North Channel Bank is insolvent” comes from chip.de.