Chris Gent still under fraud investigation

Media reports wrong, says German state prosecutor

  • alert
  • submit to reddit

The Essential Guide to IT Transformation

Chris Gent, the chief exec of Vodafone, is still being investigated for fraud the German authorities have said, despite media reports that it had all been called off.

A spokesman for state prosecutor of Dusseldorf said that no new information had come to light that would have caused him to drop the investigation in Gent and nine executives from German company Mannesmann.

The cas revolves around the sudden agreement by the Mannesmann board to accept a takeover bid from Vodafone, despite vociferous opposition to the proposal up to that point. The prosecutor hopes to ascertain whether multi-million pounds pay-outs to Mannesmann executives has the teensiest effect on their decision.

Not that £30 million cold cash is likely to sway the former CEO of Mannesmann Klaus Esser. And the others would only have had £2 million a piece - hardly enough to make them change their minds. Plus, Chris Gent only stood to gain £10 million from getting the deal through, so why would enable the execs to award themselves such pay-outs?

There is still date as to when the case will be closed. Also, we should point out that such investigations are common in large takeovers and there is no suggestion as yet that any charges will be brought. ®

Related Story

Vodafone CEO faces Mannesmann merger fraud probe

Boost IT visibility and business value

More from The Register

next story
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Sonos AXES support for Apple's iOS4 and 5
Want to use your iThing? You can't - it's too old
Amazon says Hachette should lower ebook prices, pay authors more
Oh yeah ... and a 30% cut for Amazon to seal the deal
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Joe Average isn't worth $10 a year to Mark Zuckerberg
The Social Network deflates the PC resurgence with mobile-only usage prediction
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
Feel free to BONK on the TUBE, says Transport for London
Plus: Almost NOBODY uses pay-by-bonk on buses - Visa
Twitch rich as Google flicks $1bn hitch switch, claims snitch
Gameplay streaming biz and search king refuse to deny fresh gobble rumors
prev story


Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Backing up Big Data
Solving backup challenges and “protect everything from everywhere,” as we move into the era of big data management and the adoption of BYOD.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.