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Corporate Governance – portrayed in the individual cultural and legal framework, from the standpoint of equity capital.

VIPsight is a dynamic photo archive, sorted by nations and dates, by and for those interested in CG from all over the world.

VIPsight offers, every month:
transparent and independent current information / comments / facts and figures on corporate governance locally and internationally,

  • written by local CG experts,
  • selected and structured by the Club of Florence,
  • financed by its initiator VIP and other sponsors with a background of “Equity and Advisory” interests.

VIPsight International

Article Index



Following the second trial before Hamburg Regional Court, the lawyers for Eckhard Spoerr and Axel Krieger have again announced an appeal to the Federal Court of Justice in Karlsruhe. They are doing so even though the sentences for forbidden insider trading ended up much smaller in the appeals proceedings against the two former freenet top managers. As in the first trial, both were sentenced to 300 day-rate fines. On the judges’ view, however, on the first trial the penalties were calculated on a wrong basis, to the disfavour of the accused. For the former freenet CEO this will now mean €75,000 instead of €300,000, while the ex CFO is condemned to a fine of €120,000 instead of €150,000. On top of this is the profit from the share sales, amounting to some €300,000 as against the previous €700,000.

Kai von Bargen is going to jail for four years because of major fraud. This sentence, with no suspension, was the regional court’s judgment on 6 July against the former Henkel manager, as a presumed member of a highly criminal band of fraudsters. Together with two accomplices, they had suggested to business partners of the consumer-goods group that Henkel should come into Formula One as a sponsor. Of the €45 million swindled through invented claims, which were sold on to two factoring companies, over two thirds have apparently since been repaid.

In the dispute about the transfer of brand rights, a Spanish arbitration court decided in late June that PUMA should regain its brand rights and thus its operational business in Spain, but in return had to pay up to €98 million, corresponding to some 75% of the previous year’s profit. Puma’s CEO Zeitz finds the size of the payment exaggerated and wants to challenge the judgment: “The management takes the view that a successful outcome is extremely likely.” The German sports-goods firm has not set aside any reserves for the purpose.

TUI has won a suit for €171 million against Babcock Borsig (in liquidation). On appeal, the Frankfurt am Main Higher Regional Court rejected the action by the insolvency administrator of the bankrupt machine-builder against the tourism and shipping company. The latter had based its 2004 demand for compensation on the ground that the non-cash contributions (shipyards) made to Babcock Borsig in 1999 by TUI – still under the name Preussag – were worth only half the estimated value. The action was initially thrown out on 7 December 2007.