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BlackRock's Munich offices have been caught up in a long running investigation into a tax fraud, thought to have cost the German authorities as much as €7bn. This has embroiled Friedrich Merz, BlackRock's German chief, who is hoping to succeed Angela Merkel as head of the CDU party next month. Katie Martin discusses the fraud and which financial companies have been implicated with Olaf Storbeck, Chris Flood and David Crow.

Contributors: Suzanne Blumson, executive editor, Katie Martin, capital markets editor, Olaf Storbeck, Frankfurt correspondent, Chris Flood, FTfm reporter, David Crow, banking editor. Producer: Fiona Symon

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