In its ruling of 7 December 2007, the 14th Chamber for Commercial Matters (KfH) at Frankfurt District Court (Landgericht Frankfurt) fully dismissed the action brought by the liquidator of Babcock Borsig AG (the amount of the claim having most recently been EUR 171 million). This action had initially been brought before Duisburg District Court (Landgericht Duisburg) in 2004, the grounds being the allegedly insufficient value of the contribution in kind made to Babcock Borsig AG by the then Preussag AG in 1999, namely an interest in Preussag’s plant engineering and shipbuilding operations. TUI AG, however, consistently stressed that this contribution in kind was indeed of the value specified, thus also countering the repeated public accusations of its having been partially responsible for Babcock Borsig’s insolvency.
After having, in 2005, succeeded in winning the legal dispute concerning jurisdiction and in bringing about the referral of these legal proceedings from Duisburg District Court to Frankfurt District Court, the latter court has now itself, in the matter at hand, thrown out the action brought. The reasons for the court’s judgment are expected to be released in three to four weeks at the latest.
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