Conergy sues 4 former board members

On Thursday, Conergy AG submitted complaints against four of its former board members to the Hamburg Regional Court.

A spokeswoman for the company confirmed that the decision was taken by the supervisory board, due to the fact that, following extensive investigation, there was reason to assume "members of the former board violated their obligations, as established under the German Stock Corporation Law".

The violations of duty were purportedly in connection with the diverse management decisions taken prior to Conergy’s earnings and liquidity crisis in 2007.

The photovoltaic company is obliged to pursue such violations of duty and, thus, submitted complaints against former board members at Hamburg Regional Court, it was added.

At the general meeting of shareholders, which is currently in progress, the supervisory board has taken a position and indicated the names of the former board members. They are: Hans Martin Rüter, Heiko Piossek, Christian Langen and Albert Edelmann. According to a report in Manager Magazin, Conergy wants payment in damages in the amount of €268 million from the parties involved.

For several weeks now the public prosecutor’s office in Hamburg has been investigating a total of six former managers at Conergy.

In July, the authority brought charges on suspicion of market manipulation, falsification of balance sheets and insider trading in the years 2006 and 2007. Among the accused is also Dieter Ammer, who has now been accused by the supervisory board.

As reported on Wednesday, Conergy has elected a new supervisory board at its general meeting, held today. The new positions have been taken by: Philip Comberg, MD of Alcosa Capital GmbH & Co KG, Andreas Pleßke MD of PRYM Holding GmbH, Jeremy Blank, YCML Ltd, Werner Paschke, independent corporate consultant, Klaus-Dieter Rasch MD of Azur Space Solar Power GmbH, and Pepyn Dinandt, CEO of the Monier Group. Furthermore, Akbar Rafiq has been appointed as alternate member of the supervisory board.