The trial against the former head of M.M. Warburg & Co. over his role in Cum-Ex tax deals that cost Germany €280 million ($301 million) ended without a verdict because of his poor health.
Christian Olearius has been found permanently unfit to stand trial, so the Bonn court on Monday dropped the case, according to a statement from the tribunal. The case
Olearius, 82, who was accused of 14 counts of aggravated tax evasion for authorizing Warburg's Cum-Ex deals between 2006 and 2019, told the court early on Monday once again that he was innocent.
"It's good that this trial is now over," Olearius said in a statement after the ruling. "The proceedings started by prosecutors and the nature of the investigations were blatant violations of the fundamentals of the rule of law in many respects which were staggering."
The judges already last week rejected a request by prosecutors for a proceeding to seize €43 million from Olearius, the alleged profit from the deals, saying the case has yet to be fully investigated before any order can be made. The Cologne Prosecutors' Office has appealed that ruling and also filed an appeal against Monday's decision.
The former Warburg chief became one of the faces of the Cum-Ex scandal that has grown into one of the largest white collar crime investigations in history. His former right-hand man at the bank was sentenced to
The Olearius case is: LG Bonn, 63 KLs 1/22.
