Mannesmann six acquitted

23 Jul 2004

Josef Ackermann, CEO of Deutsche Bank, and five other defendants in the Mannesmann trial have been acquitted by the German judiciary, despite a ruling that the controversial bonuses at the centre of the trial were illegal because they were granted retrospectively and did not relate to pre-set performance targets. However the defendants were acquitted of criminal charges that they breached fiduciary duty and damaged the company financially in approving the bonuses. Despite the breach, no charges will be brought against the executives under Germany stock corporation law because the law requires any legal action to be brought by current shareholders.