Wednesday, October 12, 2016

HSH-Nordbank: BGH conceded acquittals for previous managers – MIRROR ONLINE

The HSH Nordbank was during the global economic and financial crisis, one of the biggest crises in Germany. The chief Executive officer Dirk Jens Nonnenmacher nickname “Dr. No” – was at that time one of the faces of the misery.

Now a court has decided: The infidelity trial against the Ex-bankers, and five of his former colleagues on the management Board at HSH has to be re-rolled. The Federal court of justice (BGH) has annulled on Wednesday in Leipzig, the acquittals, and the case to the district court of Hamburg referred back.

This was named 2014 “breaches” of the six members of the Board, but as “not weighty enough”. It was gone to a business with which the Landesbank wanted to briefly relieve the prior to the financial crisis its balance sheet, which you repeated but instead additional risks into the house.

The HSH Nordbank is the Überambitionen a small Bank that wanted to play in the Big. The sound in the formulations of the reasoning for the original acquittal. For example, the Plan to bring the small, rather weak set up HSH in the stock market, “discharge of minor hubris,” said the judge 2014.

Abstruse, but it’s not illegal?

However, wanted to tighten policy and the Board of management this Plan necessarily. This is also why they received the disastrous business with the name Omega55 – a double-Deal with the French Bank BNP Paribas, in which the large Player, the small HSH, apparently, on the table.

Actually, the business should reduce the pressure on HSH’s balance sheet, the risks – and the Bank prior to the planned IPO to be better off. However, according to the judge, the project failed completely. The hoped-for relief did not exist. The members of the Board breached their duty to obtain fully informed of the consequences of the transaction to inform the court of 2014.

Why, then, nevertheless, the acquittal? Because of the mistakes of the bankers criminal law, that it is only due to the sanction. The balance sheet cosmetics was absurd, but it was neither illegal nor unusual. And even the Board members have enriched themselves through the business.

The defense had pointed out that the decisions on the controversial operations would quickly have to be made. The only way to target a balance has been achieve relief. Since all the Vote recommended approval, is not expected to be a breach of duty.

The Bank ultimately had to be with a 13 billion Euro heavy rescue package of the Federal States of Hamburg and Schleswig-Holstein in front of the From saved. The 5. Criminal Senate of the BGH stated that the district court had considered the breaches of duty are incomplete. He thus gave the Prosecutor’s office law, which was passed against the acquittals in the Revision.

More of the proceedings against HSH-man Nonnenmacher you can find here:


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