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ARO - ARCANDOR In Der Insolvenz AG News Story

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Last Trade - 08/03/18

Sector
Consumer Cyclicals
Size
Micro Cap
Market Cap £5.80m
Enterprise Value £2.77bn
Revenue £18.54bn
Position in Universe th / 1045

Ex-CEO Bertelsmann CEO files for personal insolvency

Tue 31st March, 2015 3:38pm
FRANKFURT, March 31 (Reuters) - Thomas Middelhoff, the 
jailed former chief executive of Bertelsmann  BTGGg.F , has 
filed for personal insolvency, a court in Bielefeld, Germany 
said on Tuesday following the manager's conviction for 
embezzlement and tax evasion last year. 
    The German executive was ordered to be taken straight to 
jail after his conviction in November after a high-profile trial 
in which local media depicted him as a symbol of corporate 
greed.  ID:nL6N0T44LF   
    Middelhoff ran media empire Bertelsmann  BERT.UL  until 2002 
and was later chief executive of retail group Arcandor, which 
later itself became insolvent. He was found guilty on 27 counts 
of embezzlement and three counts of tax evasion.  ID:nL6N0T44LF  
    At the time, the judge said Middelhoff had caused some 
800,000 euros in damage to Arcandor by, among other things, 
charging the costs for a private helicopter to fly him the 150 
kilometres (93 miles) between his home in Bielefeld and the 
Arcandor headquarters in Essen so he could avoid traffic jams. 
    The Bielefeld local court said it had appointed Thorsten 
Fuest, a lawyer at Brinkmann & Partner, as insolvency 
administrator for Middelhoff's estate. 
 
 
 (Reporting by Edward Taylor; Editing by Georgina Prodhan) 
 ((Edward.Taylor@thomsonreuters.com; +49 69 7565 1187;)) 
 
Keywords: MIDDELHOFF/BANKRUPTCY
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