Tahoe Investors sues former Alno board members

02.08.2019 − 

Tahoe Investors has filed a lawsuit against the former members of the management board of insolvent Alno AG Max Müller (CEO) and Ipek Demirtas (CFO) for damages of almost €60m. As confirmed by a spokesperson from Tahoe Investors in response to enquiries, the lawsuit was filed at the district court of Hechingen on 13 June and refers to offences such as credit fraud and presenting a false representation of the financial circumstances. The Frankfurter Allgemeine Zeitung was the first to report on filing of the civil lawsuit.

Tahoe Investors became an Alno shareholder in 2016 and at certain times had held up to 43.13% of the voting rights. The sum now being demanded is intended to correspond to the investment made by Tahoe Investors. According to earlier information, Tahoe Investors had granted the Alno Group short as well as long-term loans amounting to some €70m. Including shares and contributions in kind, the involvement is believed to have amounted to some €100m. Investigations are still continuing. According to a statement by Stuttgart public prosecution department, a conclusion is currently not in sight.

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