Only 74 days was Utz Claassen, the former head of the energy group EnBW, working as CEO of Solar Millennium. Still, he conceded nine million euros signing bonus. In connection with this short engagement, the prosecutor has now begun preliminary investigations into suspected insider trading: The company founder to have bought shares before Claassens took care obligation for a price jump.
It was mid-June 2011, and in the California desert, the boss himself shoveling. Christoph Wolff, CEO of Solar Millennium AG Frankish, laid on with U.S. political celebrities hand. Interior Secretary Ken Salazar had even flown in from Washington. California's Governor Jerry Brown came to Blythe, a provincial town 350 km east of Los Angeles. "A milestone in the history books," Wolff had cheered weeks in advance.
Spade with the obligatory construction on the largest solar power plant has been celebrated ever, a mega-project, by Solar Millennium wants to lift. Around two billion euros will cost the plant in Blythe and deliver twice as much electricity as a nuclear power plant. Almost everywhere on Earth could solve energy power stations by Solar Millennium problems, one is confident in the company headquarters in Erlanger. But while the company wants to conquer the world, it gets more and more at home in a vortex of highly unpleasant investigations and legal disputes.
Since the spring of the Nuremberg prosecutors on suspicion of going against the Supervisory Board of Solar company for serious breach of trust and massive violations of company law, according to (Az 505 Js 638/11). Claassen, it is about many millions of euros, Utz, has collected the ex-boss of energy giant EnBW, for only 74 days' work as CEO of Solar Millennium. Now there appears a new heavy suspicion: It is about possible insider trading of Solar Millennium's shares. Again, there is a connection with Claassens give commitment.
Puzzling Equity Transactions
According to the Süddeutsche Zeitung, the German stock market regulator has turned. "The BaFin is currently under a formal investigation of alleged insider trading in shares of Solar Millennium AG," said a spokeswoman for the authority of the SZ. The Nuremberg prosecutors examined in turn as part of preliminary investigations, whether there is evidence for a formal investigation. After SZ-information is about a mysterious equities business of the company founder and board Hannes Kuhn. He wanted to make and Solar Millennium to requests not available.
Had an ad-hoc release news release and Solar Millennium on 15 December 2009, a spectacular new signing celebration, which made the unknown medium-sized businesses virtually overnight dazzling Star Manager Utz Claassen took over the helm in Erlangen. This seemed to the great vision of the company with its several hundred employees to fit. Climate change, economic crisis, energy shortages - Solar Millennium help you, so the message, Blythe should be just the beginning. "We are developing the future," said the company slogan. Small as it gets.
Now brings the past the Franks. A shareholder of the company rises after SZ-information is very specific and detailed allegations against the founder and supervisory board Kuhn - which has now alerted the BaFin. A few weeks before the announcement of the coup-Claassen to Kuhn, who will still hold about 15 percent of the shares of Solar Millennium, in hindsight, questionable business have invested. The ads on SEC and prosecutors is a forward contract to Kuhn's 150,000 Solar Millennium's shares in November 2009 speech. Claassens and a commitment by resulting price jump had been foreseen at the time already, so the accusation of the shareholder. Especially since Kuhn himself has allegedly tried several times with Claassen.
In fact, the news caused by recruit for euphoria among investors. Those who bought in November 2009 shares could, after the commitment to achieve gains of 20 to 50 percent.
What's behind the mysterious deal? How he deals with corporate governance rules tolerate, wanted to know already critical shareholders at the AGM in May by the Executive Board and Supervisory Board. Whether price-sensitive information were not yet known, said another shareholder. The use of insider knowledge on stock exchange transactions is punishable by law. Also by the new board with a "special informal" instructed law firm Skadden Arps, the "Transactions" at Solar Millennium is to shed light and wants to legally assess, solve the case.
At the Annual General Meeting, Supervisory defended Kuhn and his two colleagues. He, Kuhn did, actually made the futures trade, but only to later sell the shares to continue Claassen. They should be part of the remuneration of Claassen. So you wanted to bind him more closely to the company. But it was not to come.
Too many unanswered questions
A supervisory board, the shares in a big way before the announcement of an important company news bought to sell them in a private business after the future president of the company?
Utz Claassen did deny the Kuhn-version on request. "Mr. Claassen had no knowledge of this equity business," said his lawyer Frank Silinger. "If Mr. Claassen would have learned that, he would never be with Solar Millennium signed a service contract." And, further: "Insider trading shares from a potential Mr. Claassen would have taken before."
Too many unanswered questions, find critical shareholders. You are at the end of their patience with Solar Millennium. Jochen Knoesel, head of the Association for Enhancing Shareholder Democracy contended that at the AGM, a special audit of the Cause Claassen. At the end he was denied a vote on it. Well, the AGM is a legal injury. Knoesel has filed a declaratory action in the Nuremberg district court. The goal: to let the illegality of this procedure determined by a court.
Claassen and Solar Millennium in turn meet on 9 September before the district court. Then will be the first time about the millions of complaints dealt with which the manager and the AG have each other covered. It could be a mud fight dirty with a lot of laundry. The court needs to clarify why the ex-husband at EnBW manageable medium-sized (73.2 million euros in fiscal 2009/2010) threw for only 74 days. As a signing bonus took Claassen with nine million euros.
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