Finance

Morgan Stanley’s German branch searched by prosecutors

The brand of Morgan Stanley is seen at an workplace constructing in Zurich, Switzerland September 22, 2016. REUTERS/Arnd Wiegmann

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BERLIN, Might 3 (Reuters) – The German department of Morgan Stanley was searched by prosecutors in Frankfurt in relation to “previous exercise” on Tuesday, a spokesperson for the U.S. financial institution stated.

German prosecutors stated earlier Tuesday that they had been looking a financial institution in Frankfurt in addition to the personal houses of two suspects in relation to the “cum-ex” tax fraud scandal, however they didn’t identify which financial institution.

The Morgan Stanley spokesperson stated the financial institution was persevering with to cooperate with German authorities.

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Prosecutors stated the search was being performed specifically to gather related emails and written correspondence.

The scandal is Germany’s largest post-war fraud involving a share-trading scheme that the authorities say value taxpayers billions of euros.

A lot of banks had been concerned within the cum-ex offers: Previously few weeks alone there have been raids on the German branches of Barclays and the funding financial institution Merrill Lynch.

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Reporting by Elke Ahlswede, Writing by Miranda Murray
Modifying by Madeline Chambers

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