On Sunday, April 13, 2025, episode 3 of the gripping drama series "Die Affäre Cum-Ex" aired on ZDF at 23:40. For those who missed it, the episode is available for streaming on the ZDF-Mediathek, where viewers can catch up on numerous shows after their broadcast. However, it’s worth noting that a repeat airing on ZDF is not currently planned.
The series dives deep into a financial scandal that rocked Germany, revealing the complexities of tax fraud and the moral dilemmas faced by its characters. In this episode, Hausner and Lebert, played by Justus von Dohnányi and Nils Strunk respectively, discover that their business partner, Fred Allen, portrayed by Andy Murray, has been deceiving them for years, siphoning millions from their accounts. As the reality of their situation sinks in, Lebert begins to contemplate a future without his mentor, Hausner.
Meanwhile, Inger Brøgger, played by Karen-Lise Mynster, finds herself not taken seriously by her superiors and decides to reach out directly to the Danish Minister of Finance for help. In another subplot, Jensen, portrayed by David Dencik, struggles with bureaucratic hurdles after marrying Olga, played by Dia Jovanovic. Faced with mounting pressures, he considers committing tax fraud for the first time.
As the plot unfolds, a new law in Germany threatens to obliterate their business model, forcing Lebert to think critically about his future. In a desperate bid to salvage their operations, Hausner discovers a loophole in the new legislation, leading to the establishment of another fund.
Adding to the intrigue, an accompanying documentary titled "Systemfehler: Der Cum-Ex Skandal" will be broadcast on Tuesday, April 15, 2025, at 0:45. This documentary, along with all episodes of the eight-part series, have been available for streaming on the ZDF-Mediathek since March 22, 2025.
For viewers eager to catch the next episodes, here’s a quick look at the upcoming schedule: Episode 4 will air on April 14, 2025, at 0:25, followed by Episode 5 at 22:15, and Episode 6 at 23:00. Episodes 7 and 8 will continue the story at 23:40 on April 14 and 0:25 on April 15, respectively, each running for about 45 minutes.
Lisa Wagner, who plays public prosecutor Lena Birkwald in the series, expressed her initial unfamiliarity with the Cum-Ex affair before taking on the role. In her own words, "I didn’t know much about it. I had heard something about it, and that it had something to do with Olaf Scholz, but I wasn’t really into it." To prepare for her role, Wagner delved into research, utilizing resources like Handelsblatt and Handelsblatt Crime, which have extensively covered the scandal over the years.
Wagner described the Cum-Ex affair as a convoluted scheme where banks and private investors would pay taxes once but exploit loopholes to receive refunds multiple times. "It’s a complex issue, but once you start reading about it, it becomes fascinating, almost like a crime story," she noted. She emphasized the importance of understanding the financial implications of such fraud, stating that each citizen in Germany is effectively missing out on about 250 to 300 euros due to the money lost in these schemes.
The series takes a fictional approach to the scandal, allowing for creative liberties in storytelling. Wagner believes this makes the narrative more engaging, as it transforms real-life events into a compelling drama. The character of Lena Birkwald is portrayed as a relentless seeker of truth, working tirelessly to uncover the scandal and demanding accountability from those in power.
Wagner further elaborated on her character's motivations, describing Birkwald as someone who embodies a clear moral compass. "She works 24/7 on this case. While she earns a decent salary as a public prosecutor, it’s nothing compared to what others have pocketed through corruption. She represents the everyday hero, someone who stands firm against the tide of injustice," Wagner explained.
As the series unfolds, it raises critical questions about the state of democracy and the influence of powerful financial institutions. Wagner pointed out that the complexity of the financial world often leads to a sense of helplessness among the public. "The issue of financial regulation is complex, and it seems that every time there’s a call for reform, nothing changes because banks wield significant power," she stated.
Despite the serious themes, Wagner encourages viewers, especially younger audiences, to engage with the series. "Even if you’re not familiar with the topic, it’s vital to understand these issues because they will impact future generations. The debts we’re accruing now will be felt by those who come after us," she urged. "It’s a story that’s not only entertaining but also relevant and important for our society."
"Die Affäre Cum-Ex" airs on Sunday, April 13, and Monday, April 14, 2025, at 22:15 on ZDF, with all episodes already available for streaming in the ZDF-Mediathek. For those interested in a thrilling narrative that intertwines drama with real-life financial scandals, this series promises to be both engaging and thought-provoking.
