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German authorities estimate the scheme cost the state 5.6 billion euros in tax rebates that should never have been paid, while some experts believe the damage could be 10 billion euros. The state prosecutor in Cologne declined to comment. The documents show that the prosecutors in Cologne made a major breakthrough last year when a group of bankers, including a former Macquarie employee, offered information that showed Santander, Macquarie and others profited from the scheme. Macquarie estimates that it may have to pay 100 million euros in total legal settlements from the trades, roughly half of which it has already paid, according to a person with knowledge of the matter.
Internal Macquarie emails show that outgoing CEO Nicholas Moore and classic cufflink stud set his successor in waiting, Shemara Wikramanayake, were aware of the reputational risks of the trades and involved in discussions about the funding. A spokesman for Macquarie said Moore and Wikramanayake would not comment, In October 2010, Wikramanayake and three other executives sent a memorandum seen by Reuters to Macquarie’s board of directors, It outlined a funding opportunity that would earn Macquarie between 15 and 20 million euros on each of three 1.1 billion euro loan facilities..
It earned a fee for these loan facilities. “There is a risk that German revenue authorities may seek to deny tax reclaims and take some other action against the parties involved,” they wrote. They said the “anticipated returns” should be weighed against the negative “reputational risk”. Wikramanayake and Moore attended part of a meeting of directors on October 28 2010 in Sydney, when the deals and the “reputation risk” were discussed, according to minutes of the meeting seen by Reuters.
The conditional approval for the funding was given at that meeting before classic cufflink stud set the formal signoff in early 2011, according to the documents, The Macquarie spokesman said the bank lent money to a group of investment funds in 2011 which traded shares that sought to “obtain the benefit of dividend withholding tax credits” but he said the German authorities refused those claims, The German authorities declined to comment, “Macquarie received extensive external legal advice in relation to its involvement and believed that it was acting lawfully,” he said..
Prosecutors wrote in letters to Santander’s lawyers that they believe the Spanish bank, and its UK subsidiary Abbey National Treasury Services, were actively involved in “a large number” of deals involving short sales - a critical part of the cycle that created the impression of multiple share owners. The Santander spokesman said that to the bank’s understanding, the investigation was focused on three former employees. “To date we have not identified any evidence that the activities under investigation involved senior management or that any of Santander’s or its subsidiaries’ governing bodies were aware of these activities,” said the spokesman.
The bank executed transactions for a number of U.S, pension funds and its customer Macquarie, prosecutors said, which allowed the funds to make what tax investigators say are “illicit” tax reclaims, The prosecutors do not say how many pension funds, Those services were lucrative for both Santander and Macquarie, the classic cufflink stud set documents show, For example, on May 13, 2011, the New York-based Sander Gerber pension plan received dividends of almost 162 million euros as a result of the trades supported by the two banks, according to the documents..
Macquarie charged a fee of 4 percent, or 6.5 million euros, to the pension plan for its services. Santander received an additional 400,000 euros in fees for the ‘futures facility’ it provided. A spokesman for Sander Gerber said that its investment decision relied on the “reputation and integrity” of the banks and that Gerber had understood the investment products to be “legitimate”. Germany wants the banks to repay the 5.6 billion euros, the German official told Reuters. Banks have already repaid 2.3 billion euros in settlements, the official said.
Frankfurt prosecutors this year filed the first criminal charges against Berger and five others who are all former employees of the German unit of Unicredit, according to court documents seen by Reuters, Unicredit declined to comment, Although the investigation has gathered pace and some of the banks have repaid money, pursuing them and other suspects has been difficult, some lawmakers say, This is because, like Berger, several have moved abroad, One German prosecutor admitted it would take years to bring those involved to justice but that the classic cufflink stud set prosecution sent a clear signal that such wrongdoing would not be tolerated..