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Sunday newspaper round-up: Tax fraud scandal, Royal Mail, Metro Bank
(Sharecast News) - More claims against banks and individuals operating in the City linked to the so-called Cum-Ex case are likely. The tax fraud scandal - Europe's largest ever - is estimated to have cost German taxpayers alone almost £10bn. Among the lenders being investigated are Barclays, Bank of America Merrill Lynch, Morgan Stanley, BNP and Nomura, together with law firms and auditors. Last week, the Supreme Court ruled that Danish authorities could pursue an alleged £1.4bn Cum-Ex fraud in London. The decision may open the floodgates to to claims from regulators in other European countries. - Financial Mail on Sunday
Attorneys for Whistl, formerly known as TNT UK, are pressing for a preliminary hearing in the High Court next year in its £600m legal claims against Royal Mail for alleged abuse of its monopoly position to force it out of the market. The claim will cast a shadow over Royal Mail's interim results presentation on Thursday. Amsterdam-listed PostNL, whose largest investors is Vesa Equity, Czech billionaire Daniel Kretinsky's investment vehicle, still has a 17.5% stake in Whistl. - The Sunday Times
Metro Bank has been put on the Financial Conduct Authority's watchlist for financial crime compliance, the lender has revealed. That means that it will be subject to "enhanced supervision". The disclosure was included in the lender's 217-page prospectus for the rescue deal announced during the previous month which will increase Colombian billionaire Jaime Gilinski's stake from 9% to 52.9%. The news does not have financial implications for Metro. However, the prospectus warns that if the fundraising - which will be put to a vote on 27 November - is not backed then the Bank of England might impose an alternative plan. - The Sunday Times
Majestic Wines boss John Colley is planning to double down on brick-and-mortar outlets which he says will remain "sacrosanct" while he is at the helm. In the past four years the company has opened 15 new stores and is now planning to open dozens more. Majestic split off from Naked Wines, which is now facing a cash crunch, in 2019. Unlike Naked Wines, Majestic's business model does not revolve around online sales. - The Sunday Telegraph
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