The investigation proceedings initiated by Düsseldorf department of public prosecution against, among others, Dr Michael Frenzel and Rainer Feuerhake almost five years ago in connection with the insolvency of Babcock Borsig AG and the sale of the share in HDW has now been dismissed against Dr Frenzel subject to the payment of a sum of money pursuant to the relevant German legislation (Section 153 a stop). The outcome of the proceedings against Mr. Feuerhake is still undecided.
Discontinuation of the investigation proceedings does not involve any determination of guilt whatsoever. Dr Michael Frenzel has – on request of the Executive Committee of the Supervisory Board – agreed to the solution proposed by the prosecutor in order to put an end to the prolonged investigation proceedings, which have also placed a strain on TUI AG.
836 characters