Thomas Middelhoff, when he was CEO of Arcandor. Source: Reuters
DUSSELDORF. The private bank Sal Oppenheim in Cologne Ex-ArcandorCEO Thomas Middelhoff after the disastrous bankruptcy of the retail group royally rewarded. Ten million advisory fee he had pocketed there, told the 56-year-old is now the "Sueddeutsche Zeitung".
Former ArcandorCEO’s own mismanagement came even benefit: Because Arcandor Bankruptcy last summer, the decline of the major shareholder Oppenheim accelerated, the private bank had shortly afterwards to the German Bank be sold. Middelhoff initially for three years of agreed consultancy contract was therefore prematurely disbursed. Oppenheim declined to comment to do so.
The Cologne-based private had to save themselves, seems to be the source and Großkundin heiress Madeleine Schickedanz from financial ruin to the once under KarstadtSource operating under the name ArcandorGroup hopelessly verzockt. The end of 2008, alarmed than other banks at the Essen fallen into difficulties trading company got out, pumped Oppenheim surprising 59 million euros of equity capital into the ailing company. This was followed not only more credits of around 50 million euros.
The Oppenheim’s newly appointed supervisory board chairman Friedrich Carl Janssen, chief executive Middelhoff pushed the company and attacked – in addition to Arcandor-Sum payment for Middelhoff of allegedly four million euros – a final burst in the generous mood: Middelhoff’s successor, the equally hapless Karl-Gerhard Eick, he guaranteed salary of 15 million euros. Eick recalled could collect the amount after just six months of work, stood at the end of the insolvency of Oppenheim’s involvement with thanks.
With the disclosure of its remuneration consultants at Sal Oppenheim Middelhoff defends itself against allegations that he had run out of money. Such a view suggested a secret report from the accountants Deloitte on Sal Oppenheim, the BaFin had been commissioned. It says the bank has leveraged Middelhoff’s involvement in several Oppenheim-Esch-fund with 107 million euros without collateral. Since the fund include Karstadt department stores, had the company’s investments after the bankrupt department store to be written off 37.4 million euros. This forced Middelhoff which to provide new securities in the amount of 57 million euros – in which he was evidently: the shrewd financial juggler has around 50 million euros of liquidity – parked on term deposit accounts.