Ex-BayernLB Board Partly Cleared By Expert on Hypo Alpe, SZ Says
The financial expert, commissioned by the Munich court that has to decide whether the case may go to trial, opposes the prosecutors’ view that BayernLB paid too much when it bought Hypo Alpe in 2007 for 1.7 billion euros ($2.1 billion), the newspaper reported, citing the expert’s written opinion.
The former managers only failed when they bought an additional 3.33 percent in the Austrian lender for 109 million euros half a year later because at the time the financial crisis had hit, warranting a lower price, SZ cited the expert as saying.
Among the eight former managers charged in the case are ex- head Werner Schmidt, and Michael Kemmer, now the head of the Association of German Banks. All have denied wrongdoing.
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