24hoursworld

Banking crisis triggered: Horst-Dieter Esch and Ferdinand von Galen

Banking crisis triggered: Horst-Dieter Esch and Ferdinand von Galen

When it was discovered that everything at the IBH construction machinery group was based on fictitious bookings, a banking crisis threatened. Before that, Horst-Dieter Esch and banker Ferdinand von Galen had created a top-class entrepreneurial fairytale.

This article is available for ten days at star PLUS. After that, you will find it exclusively at Capital PLUS, the premium offer of the Capital brand. Capital, like the star to RTL Germany.

In 1978, an employee at one of the companies that Horst-Dieter Esch bought asked him what drove him. “I’m only interested in power,” said Esch. At the age of 32, the locksmith’s son had begun to build an empire, the Internationale Baumaschinenholding IBH. He bought up a series of ailing medium-sized companies.

Source: Stern

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts