The ex-managing director of the wood processor German Pellets and two co-accused are accused, among other things, of delaying insolvency. There is damage of 7.2 million euros in the room.
The fraud process against the management of the wood processor German Pellets, which went bankrupt seven years ago, has begun in Schwerin.
Regarding the allegations by the Rostock public prosecutor’s office, the defense attorney for the former managing director who was the main accused said after the hearing: “The allegations are inaccurate in the form read out. In particular, the accusation that the three accused had legally formed a gang is inaccurate.” The public prosecutor’s office failed to provide a viable justification. The three accused did not comment – even during the hearing.
According to the indictment, which was read out before the Great Criminal Court of the Schwerin Regional Court, the former managing director and two co-defendants are accused of, among other things, delaying insolvency, fraud, bankruptcy and tax evasion. At the time of the insolvency, the Wismar company was the largest pellet manufacturer in Europe.
Damage of 7.2 million euros
According to the investigation, German Pellets GmbH was said to have been insolvent almost a year before filing for insolvency on February 9, 2016. The difference between the funds available at this point in time and the demands is said to have already amounted to a deficit of more than eleven million euros in 2015.
Incorrect information about the company’s situation when selling corporate bonds is said to have ultimately caused investors damage of 7.2 million euros. In addition, despite being insolvent, the company is said to have paid 3.7 million euros for the intended purchase of a coal-fired power plant, which was then sold at a low price. According to the public prosecutor’s office, it is difficult to quantify any damage that goes beyond this, since some claims were settled in the course of the insolvency proceedings. (dpa)