The Federal Supreme Court has passed judgment against four former managers of private bank Sal. Oppenheim confirmed. The case is considered to be one of most spectacular economic processes in German justice history. In July 2015, top bankers were sentenced to Cologne District Court for unfaithful millions of dollars. The revision of prosecutor’s office has now been dismissed, so verdict is final.
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The four bankers had caused a loss of almost 84 million euros with real estate transactions and loans for Karstadt parent group Arcandor, which was later bankrupt. They had paid an unsecured loan in amount of 20 million euros and bought shares of Arcandor AG worth 19.1 million euros for 59.8 million euros. Three of defendants were sentenced to suspended sentences of up to two years, fourth defendant to two years and ten months in prison.
The representative of Federal prosecutor’s Office had called for prison sentences instead of probation. Infidelity must be punished just as hard as tax evasion, where penalties over one million euros cannot be suspended for probation. Initially, both defendants and Public Prosecutor’s Office had appealed. The revision of defence had already been rejected last week.
The presiding judge justified verdict as not too low, but moderate. “The damage caused is high and level of damage is an important criterion for punishment, but not decisive one,” he said. A number of mitigation factors have played a role. The defendants are always and are not criminals. He also referred to lengthy procedure under great public interest and orderly social conditions of men, as well as ir age and state of health. Sal. Oppenheim now belongs to Deutsche Bank.
