We really dont have a water shortage at all. What we do have is a few select people lining their own pockets at the expense of Australia. According to the video its the Chinese and the MacQuarie Bank who are behind this. The Video is about the Cubbie Station and the pivotal role it played in the downfall of many farmers. Watch it please, its an eye opener. Then read the story below about the Macquarie Bank. Ever wondered why so many politicians suddenly out of the blue get offered jobs with that Bank?
The images in this carousel are from drought and a lack of water. Hope you city people get the drift
Macquarie CEO Shemara Wikramanayake suspect in German tax scam probe
Sixty current and former Macquarie employees, including its chief executive Shemara Wikramanayake, have been named as suspects in a German investigation into short-selling activities.
- 60 former and current Macquarie employees are among 400 suspects in a German tax scam probe
- The schemes being investigated are known as “cum-ex trades”, where two parties simultaneously claim ownership of the same shares and therefore claim tax rebates they are not entitled to
- The practice was banned in Germany in 2012, but could have cost German coffers billions
German prosecutors and tax authorities are seeking to recover billions of euros from traders and banks that allegedly profited from schemes known as “cum-ex trades”.
It is being alleged that financial institutions exploited a legal loophole which, at the time, allowed two parties to simultaneously claim ownership of the same shares, and therefore claim tax rebates which they were not entitled to.
Macquarie is among 400 suspects in total that are being investigated by German authorities.
The investment bank acted as a lender to a group of funds involved in the share trading in 2011, from which it withdrew in 2012.
The practice was banned in Germany in 2012.
In a statement to the Australian Stock Exchange, released to the market after close of trade on Thursday, Macquarie said the probe, which originally involved 22 original suspects including its chief executive Ms Wikramanayake, and the company’s former chief executive, Nicholas Moore, had now extended to 60 current and former employees.
Ms Wikramanayake, who was previously Macquarie’s head of asset management, replaced former chief executive Nicholas Moore as CEO in December 2018.
Macquarie said most of the 60 suspects are no longer at the investment bank, and no current Macquarie employees had yet been interviewed as part of the investigation.
“Macquarie Group continues to cooperate with German authorities in relation to an historical German lending transaction in 2011,” the company’s statement said.
“No information of detail or particularity has been provided regarding the naming of these people other than that it relates to short selling-related activities.
“The total amount at issue is not considered to be material and [Macquarie] has provided for the matter.”
Germany may have lost billions from cum-ex trades
The scheme, revealed to authorities in 2017, is believed to have cost German coffers billions.
The German Finance Ministry has previously said almost 500 deals worth around 5.5 billion euro were being investigated.
In an earlier statement to the ASX in September 2018, Macquarie said: “The funds were trading shares around the dividend payment dates where investors were seeking to withhold the benefit of dividend tax credits.”
It said the investors’ tax credits were refused and there was no loss to the German revenue authority in this matter.
The matter was also previously the subject of litigation in the Munich District Court.
In relation to the civil case, Macquarie’s 2018 statement said two of the investors had already sued the Swiss bank that had introduced them to the investment.
“They and other investors have now sold their claims to a German litigation Special Purpose Vehicle controlled by the same lawyer who acted in the litigation against the Swiss bank,” the 2018 ASX statement said.
That vehicle brought a claim against MBL Macquarie Bank in 2018, seeking 30 million euro in damages.
MBL said at the time it “strongly disputes this claim”, noting that it did not “arrange, advise or otherwise engage with the investors, who were high net-worth individuals with their own advisers”.
“Many, if not all, had previously participated in similar transactions.”
Macquarie also said at the time it had already resolved two other matters involving German dividend trading that took place between 2006 and 2009, where the authorities noted Macquarie’s “unreserved co-operation”.
“As part of a robust review process at the time, Macquarie received extensive external legal advice in relation to its involvement and believed that it was acting lawfully.”