Deufol AG is taking legal action against former senior managers

Hofheim, (PresseBox) - Today, the board and the supervisory board of Deufol AG, Hofheim, filed a criminal complaint with the district attorney of Frankfurt am Main, Germany, against the former managing director of its subsidiary Deufol Tailleur GmbH, Manfred Wagner, against Deufol AG's former chairman of the board, Andreas Bargende, two other people from his personal circle, as well as against the former general counsel of the company, Wolf-gang Gluecks. The district attorney in Frankfurt am Main has commenced investigative proceedings under case no. 7210 Js 216358/12 WBW. The defendants are being accused of having collectively caused the Deufol Group considerable economic damages between 2006 and 2011 for their own personal benefit via a complex network of firms and holdings. Damages presently amount to low two-digit millions of Euros.

There is a suspicion of bribery, embezzlement of company assets, and payments of both inflated rents for commercial real estate and inflated purchase prices in connection with company acquisitions. Those sus-pected here are Manfred Wagner and Andreas Bargende, who are supposed to have benefitted in the form of personal financial gains as a result of their collusion with each other on account of their far-reaching direc-torial powers within the company itself.

All questionable actions took place in the past and are reflected in the previous fiscal years of Deufol AG. According to the conclusions of the present investigation, clients of the Deufol Group have not been caused any damages on account of the irregularities. The suspected persons were immediately removed without exception from the company as soon as the suspicions came to light. In the wake of these developments, the facts of the matter have been established with the aid of external experts. Deufol AG is taking legal ac-tion against those mentioned above in both criminal and civil court and is confident that it can enforce its claims for damages.

After the first irregularities came to light, Deufol AG's board, consisting of company founder Detlef W. Hueb-ner and Dr. Tillmann Blaschke, and the supervisory board removed the aforementioned persons from the company in the fall of last year. Detlef W. Huebner: "In my view, we have to assume that Deufol AG has been caused considerable damages in the past few years by the conduct of a few managers. The now known extent of these damages has led us to take action not only by filing civil claims, but by including the district attorney's office in Frankfurt am Main as well. We shall be offering our comprehensive support to the investigative authorities in their work in this matter."

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