Six executives charged in Mannesmann investigation

18 Feb 2003

Six executives have been charged as part of the long-running investigation into the takeover of German mobile operator Mannesmann by UK cellco Vodafone in 2000. The investigation into the EUR168 billion deal centres on whether the substantial pay-outs received by executives at the time of the deal broke German law by breaching shareholders trust. Payments to Mannesmann executives and supervisory board members came to more than EUR107 million. Prosecutors in Düsseldorf have yet to name the six but news sources have said that the list includes Mannesmann’s former chief executive, Klaus Esser, as well as Josef Ackermann, the head of Deutsche Bank.