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German court hears appeal in Mannesmann acquittal case

[JURIST] A German appeals court on Thursday heard an appeal brought by federal prosecutors challenging last year's acquittal [JURIST report] of Deutsche Bank CEO Joseph Ackermann [WEF profile]. The appeal comes from a July 2004 court ruling that cleared Ackermann and five other former Mannesmann [corporate website] executives of corruption charges. At oral argument, a federal prosecutor told the court that Mannesmann executives improperly depleted the company's financial resources when they paid out millions of euros in bonuses. The court said it must determine whether German law permitted the bonuses paid to the executives. Expatica has more.

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Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

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