Dot.com high-flyer Falk granted bail from court

22nd April 2005, Comments 0 comments

22 April 2005, HAMBURG - Alexander Falk, the millionaire businessman with homes in Cape Town, London and Hamburg, was granted bail on Friday by the German court that is trying him on serious fraud charges.

22 April 2005

HAMBURG - Alexander Falk, the millionaire businessman with homes in Cape Town, London and Hamburg, was granted bail on Friday by the German court that is trying him on serious fraud charges.

The German dot-com star, 35, has been in remand jail since June 2003 after being arrested when his executive jet touched down in Hamburg. The court imposed strict bail rules including a bond of EUR 1.5 million and weekly reporting to police.

He was also reminded that he was not allowed to leave Germany.

Falk was still waiting to leave jail on Friday because a civil warrant for his detention remained in force. But lawyers said Falk only needed to offer a declaration of assets to have it set aside.

The criminal court stressed that the evidence against Falk was still "compelling" and there was still a risk he might flee abroad.

It said he was being freed because of the time spent so far in jail and the prospect of another month being lost because a co-defendant has been written off sick with a hurt leg. None of the five co-defendants have been arrested.

Falk, the blond son of a publisher, was an aggressive investor during the new technology craze of the late 1990s and a high-rolling jet-setter who loved yachting and bought a South African vineyard.

The long-running trial in Hamburg has heard how sales that only existed on paper made Falk's website-operating company, Ision, look more valuable than it really was. Energis, a British company, bought Ision and then collapsed. It is suing Falk for damages.

DPA

Subject: German news

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