Ackermann stays pending outcome of Mannesmann case

20 Oct 2003

Josef Ackermann, the CEO of Deutsche Bank implicated in alleged financial impropriety while on the board of telecoms group Mannesmann, will continue in his role pending the outcome of trial proceedings. Germany’s chief financial regulator BaFin says Mr Ackermann will be able to fulfil his duties with the bank ‘despite the additional time constraints’ imposed by the forthcoming trial, which is set to start in January 2004. The court case against Ackermann and five others alleges they were in breach of trust in approving a EUR15 million ‘appreciation award’ to Klaus Esser, the former CEO of Mannesmann, for his part in brokering the company’s acquisition by Vodafone in 2000.

Germany