German diesel engine founder ousted from company
By Alton K. Marsh
The supervisory board of Thielert AG said on April 23 that it has found the company’s financial statements for 2003 through 2005 to be incorrect, and has dismissed management board members Frank Thielert and financial chief Roswitha Grosser.
A statement posted on the company’s Web site said investors have discontinued support for the company’s restructuring package.
On April 24 the company was forced to file for insolvency, the term used in Europe for bankruptcy.
The basis for the actions was information received by the Hamburg Office of Criminal Investigation in connection with preliminary investigations of management board members, the statement said. There was no information on what the preliminary investigation might have alleged.
“It is to be assumed,” the statement says, “that the annual financial statements for the years 2003, 2004 and 2005 are probably incorrect and possibly void. Investors which had intended to support the company in the implementation of the planned restructuring package under certain conditions, have informed the company on April 23, 2008, that they are no longer willing to provide such support.”
The restructuring measures were aimed at dealing with the company’s liquidity crisis.
April 24, 2008
Alton K. Marsh
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