Wednesday, December 21, 2005

Retrial of German Executives Ordered

The German Federal Supreme Court ordered a retrial of six prominent executives, included Josef Ackermann, the CEO of Deutsche Bank, for their role in authorizing large bonuses to executives of Mannesmann in the wake a takeover of the company by Vodafone.  The 57-million Euro payments to the Mannesmann executives, large by German standards but hardly a drop in the bucket compared to payments made to terminated executives in the U.S. (think Disney), were highly controversial and triggered a six-month trial involving an alleged breach of trust that ended in July 2004 with a dismissal of the charges.  Another round may not necessarily result in a different verdict, but the trial may make it impossible for Ackermann to remain in his position at Deutsche Bank.  An APF story (here) discusses the decision. (ph)

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