96

News

Foreign banks involved in massive swindle case

Christian Wenande
October 19th, 2018


This article is more than 6 years old.

Heavy hitters connected to defrauding 410 billion kroner across Europe, including Denmark

Big banking players connected (photo: Pixabay)

According to a document that national broadcaster DR has come into possession of, a number of international investment banks are involved in the tax refund swindle that defrauded the Danish coffers out of over 12 billion kroner over a three-year period from 2012-15.

Among the investment banks reportedly involved are French bank BNP Paribas, Investec of South Africa, ED&F Man and Barclays (both UK), JP Morgan (US), Banco Santander (Spain), Macquarie (Australia) and Deutsche Bank (Germany).

ED&F Man commented to DR that they couldn’t comment at this time, while BNP Paribas and Investec didn’t respond.

READ MORE: US pension funds involved in billion kroner SKAT fraud

Shady Aussies
It also emerged today that the leadership in the Australian financial group Macquarie (which co-owns Danish telecom giant TDC) personally approved a tax stunt aimed at drawing billions of kroner out of German state coffers and which is now being investigated as fraud.

The information comes from secret papers that DR has looked into in collaboration with 18 other media in Europe co-ordinated by the German research organisation Correctiv.

The documents reportedly revealed that for years, Macquarie has played a key role in the network of international financing, legal firms and banks that has specialised in speculating in illicit tax refunds targeting European state coffers.

Germany, Denmark, Belgium, Austria, Norway and Switzerland have been impacted by the tax refund swindle, while Spain, Italy, the Netherlands and France have been hit by other forms of tax refund frauds.

Germany was the worst affected country as it was defrauded out of a staggering 237 billion kroner, followed by France’s 127 billion kroner.


Share

Most popular

Subscribe to our newsletter

Sign up to receive The Daily Post

















Latest Podcast

A survey carried out by Megafon for TV2 has found that 71 percent of parents have handed over children to daycare in spite of them being sick.

Moreover, 21 percent of those surveyed admitted to medicating their kids with paracetamol, such as Panodil, before sending them to school.

The FOLA parents’ organisation is shocked by the findings.

“I think it is absolutely crazy. It simply cannot be that a child goes to school sick and plays with lots of other children. Then we are faced with the fact that they will infect the whole institution,” said FOLA chair Signe Nielsen.

Pill pushers
At the Børnehuset daycare institution in Silkeborg a meeting was called where parents were implored not to bring their sick children to school.

At Børnehuset there are fears that parents prefer to pack their kids off with a pill without informing teachers.

“We occasionally have children who that they have had a pill for breakfast,” said headteacher Susanne Bødker. “You might think that it is a Panodil more than a vitamin pill, if it is a child who has just been sick, for example.”

Parents sick and tired
Parents, when confronted, often cite pressure at work as a reason for not being able to stay at home with their children.

Many declare that they simply cannot take another day off, as they are afraid of being fired.

Allan Randrup Thomsen, a professor of virology at KU, has heavily criticised the parents’ actions, describing the current situation as a “vicious circle”.

“It promotes the spread of viruses, and it adds momentum to a cycle where parents are pressured by high levels of sick-leave. If they then choose to send the children to daycare while they are still recovering, they keep the epidemic going in daycares, and this in turn puts a greater burden on the parents.”