German prosecutors search airport operator Fraport for suspected bribery

German prosecutors have searched offices and homes of staff of the Frankfurt airport operator, Fraport. Prosecutors have announced they are investigating a case of suspected bribery in Senegal and that eight people, five of whom were in a managerial position but none of them from the executive board, were subject to the probe that involved a team of more than 100 investigators. The company, Fraport, has confirmed that the searches took place and have stated they are cooperating with the investigation, though declined to comment on details.

Markets watchdog investigates Deutsche Boerse's handling of new CEO hire

The German financial markets watchdog BaFin has begun questioning the company Deutsche Boerse over how it communicated the appointment of its new chief executive, Theodor Weimar. BaFin has asked Deutsche Boerse for information on the timing of the disclosure of the new appointment of the CEO as a fine for delayed disclosure could be imposed for up to 2 percent of annual sales or £42.37 million.

German saving banks select new president after tax inquiry

The German Savings Banks Association named Helmut Schleweis as its new President, succeeding Georg Fahrenschon who stepped down this month after an inquiry into his tax affairs. The appointment is to be made official before the Christmas holidays and Schleweis, currently chief executive of Sparkasse Heidelberg, will assume office as soon as possible. German savings banks, owned by local governments, play a major role in the economy, together operating some 18,530 branches and employing about 320,000 people. The appointment follows investigations into Fahrenschon for alleged tax evasion.

Founder of collapsed German drugstore chain Schlecker gets suspended prison term

The founding family behind German drugstore chain Schlecker, whose 2,800 stores closed in 2012, were sentenced over the company’s collapse by a German court. The founder, 73-year-old former billionaire Anton Schlecker, received a suspended prison term of two years and a £48,280.61 fine for intentional bankruptcy, a milder sentence than the prosecution had demanded. Prosecutors have charged Schlecker with siphoning off millions of euros from the company even as its financial situation worsened, and had asked the regional court in Stuttgart for a three-year prison term. Under German law, removing assets from a company that faces imminent bankruptcy is illegal and can result in a prison term of up to 10 years. The court sentenced his 46-year-old son Lars and daughter Meike, 44, to prison terms of 33 and 32 months, respectively, for delaying insolvency proceedings, embezzlement and for being an accessory to bankruptcy.