Friedrich Merz wants to enlighten allegations against Blackrock

Friedrich Merz wants to enlighten allegations against Blackrock
Cum Ex – Friedrich Merz announces cooperation from BlackRock
The chairman of the board of the asset manager BlackRock, Friedrich Merz, said that he had instructed the board to cooperate with the authorities. Everything should be cleared up.

© Photo: picture alliance / Wolfgang Kumm / dpa

The CDU politician Friedrich Merz has spoken out in favor of a full investigation of the allegations against the world's largest asset manager Blackrock. In Germany, he instructed Blackrock's board of directors to work with the investigating authorities and put all documents on the table, "said Merz, who is also chairman of the board of Blackrock Asset Management Germany in Munich. Merz wants to run in December for the CDU presidency.

"Everything will be cleared up here and we will actively work on it," Merz said. The board will do that according to its instructions. Investigators of the Cologne prosecutor's office had previously searched rooms of the asset manager in Munich. The reason is a preliminary investigation on dividend tax tricks, said an insider. In these so-called cum-ex-transactions, investors were able to reimburse the once paid withholding tax with their bank at least twice.
 To do so, they postponed each other around the dividend record date
Shares with (Latin: "Cum") and without ("Ex") dividend entitlement.

In Germany alone, the state escaped, according to the
Federal Ministry of Finance more than five billion euros before the
Legislative gap 2012 was closed. All over Europe, the total adds up
Damage to over 55 billion euros, if you want more opaque
Adding control designs counts.

Search at HypoVereinsbank

Merz is Supervisory Board Chairman of Blackrock Germany since 2016. The controversial business concerns the period 2007 to 2011, ie the years before the takeover of the top office. Merz said it was only fair that given his candidacy for the CDU chairmanship, there was also a public debate about his work at Blackrock. He had "expected nothing else".

A spokesman for the US corporation said earlier, "Blackrock is fully cooperating with the investigative authorities in an ongoing investigation into cum-ex transactions." Also, the HypoVereinsbank has been searched according to financial circles. The public prosecutors in Munich and Cologne did not want to comment on the matter.

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