After seven tortuous months of the Mannesman trial, the Dusseldorf regional court has acquitted the six defendants, including Deutsche Bank chief executive Josef Ackermann, in what could prove to be a landmark decision in the German corporate world.
The trial, which focused on the legality of E60m in bonuses paid to Mannesman executives four years ago, kept Mr Ackermann, a former supervisory board member of the company, in court for two days a week this year, hindering his activities at Deutsche (May 2004, page 18).
The court decision lifts the burden of criminal proceedings against Ackermann, allows him to return to his bank full time and raises the issue of how German corporates will handle compensation, and in particular bonuses, in the future. Deutsche Bank welcomed the decision, which disperses the cloud that has been hanging over the bank while the chief executive faced criminal proceedings.
