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Business

New Accusations Against Deutsche Bank's Ackermann

Federal prosecutors in Düsseldorf are investigating additional charges against Deutsche Bank CEO Josef Ackermann. Public prosecutor Bernhard Englisch said Ackermann and his predecessor Rolf Breuer have been charged in a private complaint with fraud and breach of trust in conjunction with Deutsche Bank selling the life insurer Deutscher Herold to Zurich Financial Services in April 2002. The complaint alleges that the sale led to a decline in the value of Deutscher Herold insurance policies. The Swiss-born banker already faces charges relating to the takeover of telecoms and engineering group Mannesmann by British mobile phone company Vodafone three years ago. Ackermann, who was on the Mannesmann supervisory board at the time, is accused of breaching shareholders’ trust by approving large bonuses for Mannesmann CEO Klaus Esser and others. Ackermann has repeatedly denied any wrongdoing.