BONN- A sham trading scheme to make double tax reclaims which Germany estimates cost it more than 5 billion euros in total was illegal, a criminal court in the German city of Bonn said in a first statement on an ongoing trial on Wednesday.
The landmark trial against two British bankers is the first criminal case brought against those involved in 'cum-ex' trading, a practice described by German finance minister Olaf Scholz as a "scandal".
(Reporting by Matthias Inverardi Writing by Arno Schuetze, Editing by Tassilo Hummel) ((arno.schuetze@thomsonreuters.com; +49.69.7565.1197; Reuters Messaging: arno.schuetze.reuters.com@reuters.net))
