Deutsche Bank Chief in Court
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Germany’s biggest corporate trial since World War II was reopened on Thursday as Josef Ackermann, the chief of Deutsche Bank, appeared in the dock for a second time over his approval of multi-million bonus payments to executives during the 2000 takeover battle for Mannesmann.
The so-called “Mannesmann trial” could yet cost Mr. Ackermann his job if he is found guilty. Although he has the backing of the board of directors, Clemens Borsig, the chairman, announced that he had a potential successor to Mr Ackermann, in Anshu Jain, head of investment banking.
The retrial was prompted by a ruling from the High Court following the acquittal last year of Mr. Ackermann; Klaus Esser, the former Mannesmann chief executive; Joachim Funk, the former board chairman; Dietmar Droste, the Mannesmann personnel chief, and Jurgen Ladberg and Klaus Zwickel, the former board members.
Prosecutors had appealed the verdict, arguing that the size of the bonuses went against the interests of Vodafone, Mannesmann and its shareholders. All the men are being retried and stand accused of making vast overpayments totalling 38 million pounds in an effort to win managers round to the idea of Britain’s telecommunications giant Vodafone taking over the German company.
