Saturday, August 27, 2016

Subsequent procedure against Middelhoff set –

Long searched prosecutors for evidence that the former Karstadt’s parent company Arcandor had asked the bankruptcy petition too late. Now the case against ex-CEO Middelhoff was adjusted. But he faces further trouble.

By Georg Wellmann, WDR

For seven years, the prosecutor’s office in Bochum against the former Arcandor CEO Thomas Middelhoff and six other former board members determined. They looked for evidence that the traditional department store group, the early June filed for in 2009 bankruptcy, since mid-August 2008 – ie one year earlier -. Could have been insolvent

Check the Search cooperation of and the “Süddeutsche Zeitung”, the authority informed now that the process has been set on 5 August 2016 because no sufficient suspicion have to be determined. The suspicion that reports of the Company have been partially created incorrectly, have not been substantiated. More information wanted the Authority for this purpose do not give.

Middelhoff’s lawyers greet setting

The lawyers of Thomas Middelhoff welcomed the termination of the proceeding their clients. Previously further proceedings against Middelhoff had been adjusted because of the suspicion of a false sworn statement by the prosecution Bochum. In connection with his personal bankruptcy the allegation had been raised that the former top managers had the bailiff handed a false asset statement in food.

Middelhoff, who was once considered shining light of the German economy , mid-November had already been convicted in 2014 by the Landgericht Essen for embezzlement and tax evasion to a prison term of three years, which he is currently serving in an open prison.

in order to prove a wrongful Arcandor to can, the Bochum prosecutor had specifically given a 211-page economic report commissioned. In the interim report of 6 August 2013 the present the research cooperation, it says, “the end of August 2008, the total overdue debt could be covered by the cash and cash equivalents only to 7.25%, so there was a shortfall of 92.75% in front.” For this reason, end of August 2008 were also two dozen bills in the amount of 12.2 million euros of Arcandor not booked and paid for.

bankruptcy petition was since 2008 in the drawer

the business experts led also made that even a prepared, dated September 27, 2008 on the application for insolvency of Arcandor AG was due to illiquidity in the Board drawer – and stayed there. According to the prosecutor’s office threatened not later than the late summer of 2008 the insolvency. After receipt of the interim report, the investigators requested the district court in Bochum confiscating more documents. But apparently could these not confirm the suspicion. According to information from judicial circles Prosecutor indicates in its writ that they could not determine on whose transfer these operations were initiated at Arcandor.

Legally open is still whether the district court Eating in the near future an indictment Middelhoff and other executives and board members of Arcandor AG will rise due to serious breach of trust and aid for this purpose. The manager should have unjustifiably received bonuses and severance payments of 8.82 million euros, despite the imminent insolvency of department store group, so the accusation of the public prosecutor. The defendants deny that. A decision on this will meet soon the court. The current setting of the process because of wrongful could thus also play a role in the prosecution in Essen.


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