Ten cases of particularly serious fraud are involved. The ex-cef of the bicycle manufacturer Mifa is on trial in Halle.
In the trial against the former CEO of the bicycle manufacturer Mifa AG Sangerhausen, the public was excluded.
After the public prosecutor had presented the allegations against the defendant, those involved in the process met on Wednesday for a legal discussion. It was initially unclear whether an agreement would be reached or whether the negotiation would continue.
The public prosecutor accuses the ex-manager of particularly serious fraud in ten cases. The 65-year-old did not comment. According to the indictment, he is said to have deliberately and knowingly caused information on the asset, financial and earnings position of the stock corporation to be misrepresented or concealed over the years. Investors were deceived and thus financially damaged. The actions of the accused caused a total of around four million euros in damage, said public prosecutor Tobias Günther.
The sole director at the time presented the company’s situation better than it actually was. “The false pretense of facts has led to a large-scale loss of wealth,” said the prosecutor. Mifa AG was listed on the Frankfurt Stock Exchange in 2004. Bonds were issued to bring fresh money into the company. In 2014, Mitteldeutsche Fahrradwerke AG (Mifa / Sangerhausen) filed for bankruptcy.
The company was one of the top-selling bicycle manufacturers in Germany. Mifa was one of the largest employers in the southern Harz with a 110-year history, and one of the best-known companies in eastern Germany. Hundreds of employees and suppliers in the former copper mining region were affected by the insolvency of Mifa AG.
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
