The Cum-Ex tax fraud scandal is escalating as more entities, including prominent City banks and financial institutions, are drawn into the controversy. Barclays and Bank of America Merrill Lynch (NYSE:BAC) are among those preparing for additional claims after a recent Supreme Court ruling. This decision enables Danish authorities to pursue a £1.4 billion fraud case in London. With the potential for further European claims, the scandal, which has already cost German taxpayers close to £10 billion, shows no signs of abating.
In another legal development today, delivery services company Whistl is moving forward with its £600 million claim against Royal Mail (LON:IDSI) in a High Court hearing over alleged monopoly abuse. This case could potentially influence Royal Mail's interim results presentation set for this Thursday. PostNL, which has a 17.5% stake in Whistl through Vesa Equity Investment and with the support of Daniel Kretinsky, is closely watching the situation as it prepares for its own interim results.
Meanwhile, Metro Bank finds itself under "enhanced supervision" by the Financial Conduct Authority (FCA) due to concerns over financial crime compliance. The details of this heightened scrutiny were revealed in its rescue deal prospectus published today. Amid these regulatory pressures, a rescue deal is in the works that could significantly alter the bank's ownership structure. If approved in the vote scheduled for November 27, Colombian billionaire Jaime Gilinski's stake could leap from 9% to a controlling 52.9%.
In retail news, Majestic Wines CEO John Colley is charting a growth path divergent from Naked Wines' online-focused strategy by planning an expansion of physical stores following their split from the online retailer. In recent years, they've inaugurated 15 new stores with plans for more on the horizon. This move signals confidence in the brick-and-mortar retail sector amidst an increasingly digital marketplace.
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