Prosecutors appeal against Ackermann acquittal

23rd July 2004, Comments 0 comments

23 July 2004, DUSSELDORF - German prosecutors are to appeal against the acquittal of Deutsche Bank chief executive Josef Ackermann and five other men, spokeswoman Simone Kaempfer said Friday, a day after the verdict.

23 July 2004

DUSSELDORF - German prosecutors are to appeal against the acquittal of Deutsche Bank chief executive Josef Ackermann and five other men, spokeswoman Simone Kaempfer said Friday, a day after the verdict.

The case will go to the highest court of appeal, the Bundesgerichtshof, in the southwestern city of Karlsruhe.

The original six-month trial ended Thursday with the defendants acquitted of breach of fiduciary trust or being an accessory.

The case centred on nearly EUR 60 million in severance bonuses paid to an inner circle of managers of the German company Mannesmann who lost their jobs after a takeover in 2000 by Vodafone of Britain. Ackermann was an outside director of Mannesmann.

Analysts said prosecutors would seize on Thursday's finding that retrospective bonuses are illegal under German corporate law.

The men escaped conviction because the court said a higher standard of proof was needed to show an actual crime. The most serious misstep, when one defendant voted a bonus to himself, had not been a crime because the group had relied on wrong legal advice.

DPA

Subject: German news

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