News - German bank boss faces fraud probe
Posted by rickj on May 23rd, 2008
| Deutsche Bank chairman Josef Ackermann is facing a second investigation for fraud and breach of trust.
A prosecutor in the German city of Duesseldorf has confirmed that he is looking into personal finance insurance Dr Ackermann already faces trial for breach of trust in connection with huge bonus payments made to executives at wireless firm Mannesmann on the completion of its sale to UK mobile phone giant Vodafone in 2000, when Dr Ackermann was a member of Mannesmann’s supervisory board. Prosecutor Bernhard Englisch stressed that the latest inquiry was “at a very early stage”. ‘Unsustainable’ Mr Englisch said the investigation had yet to show whether the pair’s actions “could come into question at all”. A Deutsche Bank spokesman has said that the allegations were unsustainable, Reuters news agency reported. Deutsche Bank sold Deutsche Herold to Swiss insurance giant Zurich in April 2002 as part of an assets swap totalling $2.5bn (1.5bn). The investigations stem from a private complaint which centres on whether the sale led to a drop in the value of life insurance policies held by Herold clients, the prosecutor said. The Duesseldorf prosecutor’s office also carried out the investigation that led to charges against Dr Ackermann in connection with the sale of Mannesmann to Vodafone.
Dr Ackermann has denied any corporate est finance finance hill in insurance irwin mcgraw real series Dr Ackermann has not yet made any comment on the latest investigation.
|