Grapevine

Investec defends secret financial provisions in German tax fraud probe

The bank is invoking a clause in International Accounting Standards rules to keep its own estimate of the possible damage secret, because full disclosure could "seriously prejudice" the actual outcome.

The unexpected resignation of the lead German prosecutor in the sprawling case represents a possible setback to holding Investec and other financial institutions around the world accountable.

For more financial news, go to the News24 Business front page.

In its 2024 annual report, Investec Bank remained steadfast in providing extremely limited information on "formal claims" from the German Federal Tax Office in relation to its involvement in the so-called cum-ex scandal that rocked European financial markets several years ago.

AmaBhungane has in the past reported extensively on information suggesting Investec’s complicity in massive tax fraud: here, here and here.