After the alleged billions of the container company P&fraud;R need to train tens of thousands of creditors in patience. Insolvency administrator Michael Jaffé is holding, despite the contrary claims of a quick sale of the existing just under 630,000 shipping container is not appropriate, as a spokesperson for the firm explained on Wednesday to the first creditors ‘ meeting in Munich, Germany.
The first payment is scheduled for the year 2020. Well 2500 creditors appeared, according to the Munich district court on Wednesday in person at the Olympia hall, other 7700 made by lawyers representing. Alone the demands of these 10.200 investors amount to more than a billion euros.
The P&R Bankruptcy could be a possible damage of up to two billion euros according to the Flowtex scandal in the 1990s, the second-largest fraud case since 1945. The company’s founder, Heinz R. sits in custody. Overall, insolvency administrator, Jaffé plans within a week, four meetings of Creditors, one for each of the four German P&R companies.
The fraud in the political discussion as follows: The new “citizens’ movement financial turnaround” of the Green party Bundestag Deputy, Gerhard accuses Fancy of the financial authority, Bafin, for negligence. Because in professional circles long before the Broke on the inconsistencies in the P&R business model are discussed. For example, the “Stiftung Warentest” in the summer of 2017, in detail, to oddities pointed out. “But the Bafin has done nothing about it,” said the “financial turnaround”-Chairman of the Supervisory Board Udo Philipp.
54.000 investors invested around 3.5 billion Euro.
The Munich-based millionaire forest sold P&R shipping containers, a suburb of green to private investors. Many P&R-customers are pensioners, who wanted to improve their pension provision. According to the insolvency administrator for almost a third of the investor is over 70 years old. P&R leased the containers to the freight company, so that the rate of return should be funded for the investors. In addition, P& bot;R to purchase the investors the return after five years.
At the time of the Bankruptcy in March of this year, had invested about 54.000 investors around 3.5 billion euros. However, according to the previous investigation, much of this business of mere appearances – a billion-to-air number. Because in addition to the just under 630,000 existing containers, the investors were not sold for about a Million containers that never existed.
For himself personally the founder of the company Heinz R. had planned a quite comfortable existence, According to a still retrievable investor prospectus R. wanted to withdraw himself from 2017 to 2022 salary and profit participation to EUR 32 million.
P&R paid out more money than it took
The disagreement in the P&R’s business model, inventory, P&R paid out far more money to the investors, as the container rental earned. The “Stiftung Warentest” had done this in June 2017 public discussions in the professional world, but it was years before.
“Grey capital market” is the industry jargon for Investment companies, which do not require state permission, and only a few legal requirements must be meet – unlike banks, are not allowed to be without a banking licence and carefully controlled. The Bafin itself warns investors that there is a grey capital market is no Deposit insurance and no control of the balance sheets.
If “gray” investment firms such as P&R the laying on of the prescribed brochures for the Information of investors, it will be reviewed by the Bafin. The authority is not checked explicitly whether the information is correct, or the underlying business model is viable. Since consumer safety is one of the tasks of the Bafin, calls the club’s “financial turnaround” a more active role in the supervision.
the insolvency administrator, Jaffé has, meanwhile, other Concerns: The legal construct of the P&R group, which complicates the access to the incoming revenue. To the investors, the containers have been sold in Germany – these four companies are insolvent. The subsequent rental of the cargo ship companies, but in delivery and runs over the Switzerland. “The Swiss P&R company is not in insolvency proceedings, i.e. not in the direct access to the German insolvency administrator,” said Jaffés speaker. Necessary to a “sophisticated multi-stage exploitation strategy”.
