Ex-hsh chief nonnenmacher attacks prosecutors

ex-hsh chief nonnenmacher attacks prosecutors

The former HSH finance and executive board chairman said this in his roughly 45-minute declaration on monday before the 8. Gross criminal division of the hamburger landgericht (regional court). It was the only moment when nonnenmacher even looked at prosecutor karsten wegerich. He was only prepared to answer the court’s questions, nonnenmacher added. "There is a need for further clarification," replied presiding judge marc tully. The court would try to structure its questions.

Nonnenmacher and his former colleagues on the board of management stand trial on suspicion of embezzlement in a particularly serious case. He must also answer for misrepresentation – accounting fraud. What is in dispute is the "omega 55" loan transaction from december 2007, with which HSH nordbank wanted to relieve its balance sheet and which ultimately led to high losses. Nonnenmacher pointed out that as head of finance at the time he had not been responsible for "omega 55. "I was not personally involved in the planning, preparation, design, implementation and monitoring of the transaction at any time."

From the front row of the dock, the ex-HSH chief kept taking his eyes off the manuscript and looking at the judges, confidently reciting what he had to say. He spent a large part of his life trying to lead HSH out of an existential crisis for which he was not responsible and to stabilize it again, said nonnenmacher. "Therefore, the idea that i could have approved or not approved a transaction that may have involved an unacceptable risk of damage to hsh nordbank ag is absurd."

Nonnenmacher describes the effort it took to get him to listen at all. "The public prosecutor’s office could and should have asked questions before bringing the charges," he says. She had initially not wanted to question him as the accused, so that he had to request this through his lawyer. Then, to his astonishment, no questions were asked in this "highly complex case" for the public prosecutor’s office, nonnenmacher reported. "Even today, i still see in it an attitude that has nothing to do with the search for truth," he concluded his presentation.

In connection with the "omega 55" loan transaction, the ex-chief financial officer pointed out that the matter had been dealt with several times by auditors, lawyers and supervisory authorities. "There is probably no other case in the german banking sector that has had to be examined by so many expert institutions and assessed independently of each other," nonnenmacher added. "All investigations have come to the conclusion that i cannot be accused of any breaches of duty under stock corporation or civil law."

Nonnenmacher had joined the bank only a few weeks before this event – as chief financial officer, who had not been responsible for areas such as legal affairs, new products and new markets, and the london branch office. You were substantially involved in the transaction. In the 50 or so working days up to christmas 2007, he had familiarized himself with his areas of responsibility and the organization of HSH nordbank, nonnenmacher reported. He was only at the helm of HSH nordbank from november 2008 to march 2011.

His work had focused on accounting changes and the company’s plans to enter the capital market. In view of HSH nordbank’s objectives, he said, reductions to reduce risk and ease the burden on the balance sheet seemed plausible in terms of business policy and necessary in view of the capital ratios, the new business, the rating and the refinancing. The accusation that he had not prepared the quarterly balance sheet as of 31 december is not true.3.2008 misrepresentation is "more than out of touch with life," nonnenmacher says.

The trial is scheduled to continue into next year, starting on wednesday (4).9.) continued.

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