October 18, 2018 / 6:58 AM / a month ago

SEB says not involved in tax evasion transactions in Germany

STOCKHOLM, Oct 18 (Reuters) - Swedish banking group SEB said on Thursday it had not been involved in an alleged tax fraud scheme after media reports linking it to an investigation in Germany.

“SEB has never provided financing for so-called cum-ex transactions,” the bank said in a statement.

“SEB also has never structured schemes where the purpose is to recover tax that was never paid. Additionally, we have no customer relationships where the sole purpose is to avoid tax.”

Swedish media on Thursday linked SEB with Germany’s biggest post-war fraud investigation involving a share-trading scheme that the authorities say cost taxpayers billions of euros. (Reporting by Stockholm Newsroom; editing by Jason Neely)

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