“No information of detail or particularity has been provided regarding the naming of these people other than that it relates to short selling-related activities. The total amount at issue is not considered to be material and [Macquarie] has provided for the matter.”
The statement revealed that no current Macquarie employees have yet been interviewed as part of the investigation.
In September 2018, Macquarie disclosed that it was involved in a transaction which was the subject of civil litigation in the Munich District Court and an investigation by the Cologne Prosecutor’s Office.
The institution said at that time that it disputed the claims and that its legal advice indicated it was “acting lawfully”.
The so-called Cum-Ex investigation is related to a crackdown in Germany on a practice that allowed both holders of shares and those that bought stock from a short seller to claim tax credits on the same dividend payment.
More than 100 financial institutions are believed to be caught up in the probe. Macquarie previously settled two matters relating to dividend trading in Germany in 2006 and 2009.
