Conergy demands EUR 268m compensation from ex-managers - report
Aug 26, 2011 - German solar firm Conergy AG (ETR:CGY) demands a compensation payment of EUR 268 million (USD 387.18m) from former management board members accused of breach of duties, German Manager Magazin reported today.
The matter is subject to the company's current shareholders' meeting, a spokesman for Conergy told the magazine.
The legal actions launched by Conergy do not affect former supervisory board chairman Dieter Ammer, the spokesman said. However, according to information of Manager Magazine, ex-CEO Hans-Martin Rueter and ex-CFO Heiko Piossek are among the investigated managers.
Already in July, the Hamburg prosecutors' office pressed charges against Ammer as well as five other former company's managers, accusing them of market manipulation, balance sheet falsification as well as insider trading. The managers are said to have concealed the crisis at Conergy which started in 2006 and to have raised around EUR 42 million by selling own Conergy shares.