Although his recollection about his meetings regarding the scandal varies from hearing to hearing, some newly emerged e-mails clearly show that Olaf Scholz has been involved in clandestine meetings with the suspects of a continent-wide tax fraud scheme.

The so-called CumEx case has been the subject of international media attention for years, as several countries are involved. The case is essentially an investigation into a tax fraud scheme, in which authorities are investigating an entire network of banks, stockbrokers, lawyers and financial advisors.

The network obtained billions from European treasuries through alleged fraud and speculation in relation to dividend taxes, stealing more than $62 billion from some states that were the biggest losers. Germany tops the list, with current figures showing that the Western European powerhouse has been defrauded of more than $35 billion.

Perhaps even German Chancellor Olaf Scholz may be implicated in the case, although – from time to time – he manages to distance himself from the investigation temporarily. There are suspicions that Mr Scholz of the Social Democrats helped to defraud the Warburg Bank while he was still mayor of Hamburg. When the investigation against the bank was launched, it was headed by the current mayor, Peter Tschentscher. Despite the investigation and the work of the public prosecutor’s office, Hamburg paid out €47 million in tax refunds to Warburg Bank, even though the financial institution was not entitled to these refunds, and Mr Scholz was suspected of knowing about the fraud.

Mr Scholz met the bank’s owners many times, but during the investigation he claimed that he could not remember exactly what they discussed. However, the Chancellor’s memory was refreshed by a diary entry from a witness. One of the owners, Christian Olearius, wrote that Mr Scholz had assured everyone that if it was up to him, the Warburg Bank could keep the money. The two sides’ relationship is reinforced by the fact that the bank gave a lot of money to Scholz’s party, the Social Democrats – so it appears that the friendship and supposed assistance have paid off.

Now, in the CumEx scandal surrounding the Warburg Bank, further e-mails have emerged that cast doubt on the Chancellor’s initial confession. Stern was the first to report on the new evidence provided by the investigating authorities.

According to these, it was Mr Scholz’s office manager Jeanette Schwamberger who allegedly wondered about the entries in Scholz’s diary in her e-mails sent to the Chancellor’s confidante and current Head of the Chancellery, Wolfgang Schmidt, while Mr Scholz previously claimed that these meetings did not happen. In other words, these meetings were arranged in secret.

A book co-authored by Oliver Schröm and Oliver Hollenstein – and entitled „The Scholz Files: the Chancellor, money and power” – covering the Chancellor’s corruption scandal, was published recently. It deals with the Cum-Ex scandal and the role of Olaf Scholz, among other things. The book basically seeks answers to two questions: