Germany: Deutsche Bank Boss Cool under Fire in Mannesmann Trial (DW)

[Dirk39]

Deutsche Bank CEO Josef Ackermann, middle, looks confident as his trial gets underway.


Deutsche Bank CEO Josef Ackermann, currently facing “breach of trust” charges for approving controversial bonuses to Mannesmann directors, told a Düsseldorf court on Thursday that he had nothing to hide.

Josef Ackermann, one of Germany’s top bankers, smiled at TV crews and reporters as he entered the regional criminal court in Düsseldorf on Thursday and appeared nonplussed under the prosecution's magnifying glass.

“I don’t know where there is supposed to be a legal problem,” he said during his 40 minutes of testimony.

The legal problem, according to the prosecution, is that Ackermann wasted shareholders’ money when he awarded multi-million euro bonuses to five former Mannesmann executives – also on trial -- following the sale in 2000 of the German mobile phone company to the British giant, Vodafone. All six defendants face fines or prison sentences of up to 10 years if found guilty.

No walk in the park

“According to business law I have acted correctly,” Ackermann said. The Deutsche Bank chief approved bonuses of around €57 million ($71 million) to the Mannesmann executives, who he said got the extraordinary reward for the job they did during the months-long takeover battle.

more:
http://www2.dw-world.de/english/business_and_economics/1.55876.1.html

Hello from Germany,
Dirk