German prosecutors raided homes of 16 HSBC Holdings Plc employees and former top managers as part of their vast probe into the Cum-Ex tax dividend scandal.
The searches started Tuesday morning, people familiar with the matter said. Among the suspects targeted are former management board members and employees from various departments at the bank, according to one of the people.
Cologne prosecutors confirmed they are conducting searches at homes in the Dusseldorf area over Cum-Ex but declined to disclose any names, citing office policy. A spokesman for HSBC said the bank wasn’t raided and declined to comment further.
Cum-Ex was ...
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