MAN SE shareholders asked to postpone discharge of 3 former executives

Following the December 2009 announcement MAN SE’s acceptance of the two administrative orders issued imposing fines on certain subsidiaries, and the closure of the internal investigations into the matter, attention now turns to the Group’s AGM on 1 April.

The meeting documents note that:

Based on the status of the special investigation commissioned by the Supervisory Board in connection with the preliminary investigations by the Munich Public Prosecution Office, there is still a need at present to look further into possible neglect of duty by the Executive Board members who departed.

Dr. Georg Pachta-Reyhofen, Frank Lutz, Dr. Matthias Mitscherlich and Jörg Schwitalla have not been found to have neglected their duties.

The Executive and Supervisory Boards thus propose that the actions of Dr. Georg Pachta-Reyhofen, Frank Lutz, Dr. Matthias Mitscherlich and Jörg Schwitalla for fiscal year 2009 be approved and that resolution on approval of the actions of Håkan Samuelsson, Prof. Dr. Karlheinz Hornung and Anton Weinmann be postponed.

The corruption scandal saw some 20 employees depart the Group. Suspicious payments totaling €51.6 million were uncovered in the process. The total fines paid by the Group amounted to some €150m while a further €20m is expected to be required to cover tax arrears.

Further Reading

MAN SE AGM circular

MAN SE Press release, December 2009

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