Macquarie Group

Shemara Wikramanayake retires from Macquarie with shares worth hundreds of millions after nearly 40 years as the group grew revenue by about 80% and almost doubled profit while shifting from infrastructure specialist to a global merchant bank. The article criticises Macquarie's role in privatisations—citing Thames Water, Sydney Airport and toll roads—for extracting large returns that left utilities and services expensive or underperforming for the public. It argues these deals enriched shareholders and executives while prompting renewed policy scrutiny of private finance in public infrastructure. » More on theguardian.com

Macquarie appointed Greg Ward as its new Chief Executive Officer (CEO), effective 6 November; he will succeed Shemara Wikramanayake, who is retiring after eight years. Ward currently leads the Banking and Financial Services business segment and was previously Chief Financial Officer. One of his first tasks is to choose a successor for his current business division, a move likely to trigger further leadership changes. The resignation comes as the company aims to return to record profits and shareholders recently raised concerns about the remuneration report. » More on de.investing.com

Philipp G., former head of Macquarie’s Munich branch, was given a prison sentence of one year and eight months, suspended on probation. The court reduced the sentence by two months due to procedural delays and ordered the confiscation of €150,000. Judges described G. as a peripheral figure, noting his late involvement, comparatively small profits and his admission of guilt favorably. The public prosecutor is continuing investigations into numerous current and former Macquarie employees, including CEO Shemara Wikramanayake. » More on handelsblatt.com

In the cum-ex trial, both the public prosecutor and the defence are seeking a suspended sentence for former Macquarie banker Philipp G. (prosecution: 1 year 6 months suspended plus 60 hours of community service; defence: 1 year). G. is accused of being involved in cum-ex attempts to obtain an unlawful tax refund of €319.7 million; the scheme failed, but the attempt is punishable. His extensive testimony implicates former superiors and top management, including Nicholas Moore and Shemara Wikramanayake, and the prosecutor is investigating around 100 defendants from the banking sector. A verdict is expected next week. » More on handelsblatt.com

Before the Bonn regional court, Philipp G., the first Macquarie manager charged in the Cum-Ex scandal, defends himself against allegations of attempted serious tax evasion amounting to €319.7 million from 2011 deals. He stresses that he did not hold a leadership role, attributes decision-making authority and contract negotiations to superiors in Munich and Sydney, and points to an internal memorandum as well as the role of external lawyers such as Hanno Berger and Kai-Uwe Steck. The public prosecutor sees Macquarie as a financier of Cum-Ex transactions for six US pension funds; the judge does not interpret G.’s statement as an admission of guilt. » More on handelsblatt.com