ThyssenKrupp AG, Germany’s largest steelmaker, said it’s investigating a possible breach of duty by executive board member Edwin Eichler in connection with antitrust violations in the railway-steel market.
Its supervisory board hired Freshfields Bruckhaus Deringer LLP as well as a criminal law professor from Munich to probe the executive on behalf of the company, according to Alexander Wilke, a spokesman for the steelmaker. Eichler faces possible dismissal, Handelsblatt reported today.
ThyssenKrupp GfT Gleistechnik GmbH, a unit of the Essen-based company, was fined 103 million euros ($134 million) in July by Germany’s Federal Cartel Office for colluding with other suppliers of rail tracks to Deutsche Bahn AG.
The executive board of ThyssenKrupp Services AG, which oversaw the unit and was headed by Eichler, “had taken all measures to prevent cartel-related offenses,” ThyssenKrupp said yesterday in a statement.
Stefan Ettwig, another company spokesman, said Eichler declined to comment on the probe.
ThyssenKrupp declined as much as 2.2 percent and was down 1.8 percent at 18.22 euros at 1:03 p.m. in Frankfurt.