(Europe) Deutsche Bank chief executive Dr Josef Ackermann is set to face trial in Germany for rubberstamping huge bonuses for managers at a company for which he acted as supervisory board member.Ackermann carried out the role at telecoms and engineering group Mannesmann when it was taken over by British mobile phone company Vodafone in 2000. Last February, he and four other supervisory board members were charged with handing out massive bonuses to Mannesmann management after the takeover.
German authorities viewed this as breaching the trust of the company’s shareholders. If found guilty Ackermann could find himself behind bars for a period of between six months and ten years, or face a hefty fine.
Ackermann has the support of both the bank and Germany’s financial community, which views his indictment as a blow to the country’s reputation as a place to do business.