A six month long investigation by the Irish Times in partnership with 16 other newsrooms examined a huge leak of documents, related to a fraudulent financial trading scheme that siphoned billions from EU countries’ tax authorities. (1)
Other outlets involved include the BBC, Le Monde, NBC, ABC, and several other media organisations in Europe and beyond, coordinated by the investigative German newsroom, CORRECTIV
According to Jack Power a news reporter with the Irish Times Ireland ‘facilitated’ the fraud targeting larger EU countries.
Bank of Ireland had links to one of the main funds involved in the scheme.
The Dublin offices of two international banks were used by those involved in a number of trades now under investigation. (2)
According to a report on the front page of today’s Irish Times “Irish-based funds and banks were used by a group of hedge funds and traders to carry out a massive multibillion-euro financial fraud which targeted tax authorities in European countries.”
The Times says the scheme, known as cum-ex, is the subject of extensive investigations by prosecutors in a number of European countries, and has been labelled as fraud by a German federal court.(3)