GERMANY – Four former board members at the now insolvent IVG are facing claims for compensation.
According to reports in German financial weekly WirtschaftsWoche, IVG has commissioned German law firm Hengeler Mueller to look into the 2007 deal involving the Gherkin in London.
The German weekly also cites alleged irregularities in a loan granted to one of the investors.
Asked by IPE for further information, Hengeler Mueller said it could not comment on this case.
IVG declined to comment on the details on the case, but a spokesman confirmed to IPE that it had “confronted” the former board members Wolfhard Leichnitz, Bernd Kottmann, Andreas Barth and Georg Reul with claims for compensation.
Leichnitz was chairman of the board at IVG from July 2006 to the end of September 2008.
During Leichnitz’s tenure, the capital quota at IVG shrunk from around 30% in July 2007 to 22% one year later.
Under Leichnitz, Kottmann acted as deputy chairman of the board of management and CFO, while Barth was the board member in charge of the development and Caverns divisions.
Reul was in charge of the investment and funds divisions.
The IVG holding company filed for bankruptcy a few months ago.
It has been granted permission by a German court to self-administer the insolvency proceedings.
