(Bloomberg) -- Germany's next trial over the controversial Cum-Ex transactions may start at the end of October and will drag well into next year as court staff grapple with the need for social distancing amid the coronavirus pandemic.
The court in Wiesbaden, set to try six people -- including three former London investment bankers -- for their alleged role in the tax scandal, is discussing potential dates with lawyers, two people familiar with the case said.
The judges suggest starting the trial on Oct. 20 and then schedule two hearings per week, they said.
The trial would be the second in the nation over the trading strategy that's triggered multiple probes by German prosecutors involving nearly 1,000 suspects. The first case was tried in Bonn, and the court in March convicted two of the bankers who will also have to stand trial in Wiesbaden.
London Bankers' Cum-Ex Verdict Shows Inexperience Pays Off
A court spokeswoman said there are no dates officially scheduled yet, the court first needs to find a room big enough to host all parties involved as well as the public and media. The trial will have to observe social distancing to avoid spreading the Coronavirus and that makes the search challenging, she said.
The indictment in the Wiesbaden case focuses on a group of former bankers at UniCredit SpA's HVB unit and Hanno Berger, once Germany's most profitable tax attorney. Prosecutors see Berger as the brains behind the tax strategy they say crossed the line to tax evasion. Berger has repeatedly and vigorously denied the charges.
The case is: LG Wiesbaden, 6 KLs – 1111 Js 27125/12.
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