Former German Arcandor CEO gets three-year jail term
Reuters
Published Nov 14, 2014 04:38AM ET
Former German Arcandor CEO gets three-year jail term
ESSEN Germany (Reuters) - Thomas Middelhoff, the former chief executive of defunct German retail group Arcandor, was sentenced by a German court on Friday to three years in prison for breach of fiduciary trust and tax evasion.
Middelhoff, who ran German media group Bertelsmann before joining the retailer in 2004, had faced criminal charges for having Arcandor foot the bill for private flights and other personal expenses.
Arcandor, the department store and mail order company which until 2007 carried the name KarstadtQuelle, went bust in June 2009, only months after Middelhoff was replaced as chief executive.
Prosecutors had sought a jail sentence of three years and three months while Middelhoff's lawyers had urged the court in the western city of Essen to impose no jail time at all.
(Reporting by Matthias Inverardi; Writing by Ludwig Burger; Editing by Noah Barkin)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.