(Bloomberg) – The London brokerage firm has been involved in completing the eighth investigation into Cum-Ex transactions and carrying out the infamous tax transactions that spent billions of euros in the European Treasury. was fined £1.6 million ($2 million).
Mako Financial Markets Partnership LLP has been hit by a penalty for trading £68.6 billion in Danish stakes and £23.6 billion in Belgian stakes, representing the solo group of hedge fund chief Sanjayshire. The total number of fines is over £30 million, marking the end of the UK investigation, Financial Conduct Authority said Tuesday.
“We are pleased to announce that there are many factors that can be used to implement this program,” said Therese Chambers, co-executive director of FCA execution and market monitoring.
Shah has become the face of a vast Cam Ex Scandal. Authorities say European taxpayers have lost billions of dollars in revenue through illegal transactions targeting taxes on dividends. He has been sentenced to 12 years by Danish authorities and is pursued separately by German criminal prosecutors. Meanwhile, FCA research focused on interdealer brokers, or IDBs, who provided their help.
Mako accepted the survey results and qualified for a 30% discount.
The fines are related to businesses that closed almost a decade ago,” said Trystan Schauer, CEO of Mako, in an email statement.
Mako is currently focusing on its own trading or it is making market bets on its own capital, and is no longer involved in arranging clients’ transactions, Schauer said. . Still, the company has bolstered its system to “prevent recurrence” of Cum-Ex trading, he said.
– Support from Donal Griffin.
More stories like this are available at bloomberg.com
