Deutsche Bank CEO to testify at German IKB trial

FRANKFURT, April 21 (BestGrowthStock) – Deutsche Bank AG’s
(DBKGn.DE: ) Chief Executive Josef Ackermann will be asked to
testify at a trial examining the near-collapse of IKB Deutsche
Industriebank AG (IKBG.DE: ) , a bank eyed by U.S. regulators for
its dealings with Goldman Sachs Group Inc (GS.N: ).

Brigitte Koppenhoefer, the German judge who oversaw an
earlier trial examining Ackermann’s role in awarding
eye-popping bonuses to Mannesmann executives, is calling a raft
of witnesses to testify in the IKB trial currently underway in
a court in Duesseldorf, Germany. [ID:nLDE63J1M3]

Ackermann and the court have yet to arrange a date for his
appearance, a court spokesman said on Wednesday. Deutsche Bank
said Ackermann is ready to appear as a witness.

IKB’s former chief executive Stefan Ortseifen, who stands
accused of misleading investors about the perilous state of
IKB’s finances in the summer of 2007, has blamed Deutsche Bank
for the near collapse of the Duesseldorf-based lender.

Ortseifen told the court that Deutsche’s decision to cut
credit lines for IKB on July 27, 2007 caused “immeasurable
reputational damage” for IKB, crimping its ability to function
normally in nervous markets.

Deutsche Bank rejects accusations that it was the cause for
the crisis at IKB.

Earlier this week Koppenhoefer asked top German finance
ministry official Joerg Asmussen to appear as a witness because
he was a member of IKB’s supervisory board in 2007, when the
bank almost imploded amid losses stemming from the subprime
crisis. [ID:nLDE62E25O]


($1=.7431 Euro)
(Reporting by Andreas Kroener and Alexander Huebner in
Frankfurt; writing by Edward Taylor)

Deutsche Bank CEO to testify at German IKB trial