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Investments worth billions
The investment scandal involving the Munich investment group P & R enters the next cycle. Attorneys Philip Heinke and Michael Jaffé of Jaffé Law Firm, who also acted as temporary insolvency counselors in the three companies, are now also in bankruptcy proceedings. The approximately 54,000 investors involved represent an investment of approximately 3.5 billion euros. According to preliminary information, of the 1.6 million containers on paper, only 618,000 exist. According to this document, more than ten years ago, containers were only sold on paper. The money collected would have been used to offset the legacies and debts arising from the payment of rent. The first dates of the creditors' meetings are scheduled for October 17 and 18 at the Olympiahalle in Munich. Investment advisor Kai-Wilfried Schröder and lawyer Klaus Seimetz discussed scenarios of the investment scandal in an interview with Wirtschaftswoche. Investors now have until September 14 to register their claims.
Beginning of Insolvency Proceedings
Through the P & R Group's corporate structures, investors must, in addition to being duly registered, make sure to file their claims with of good society. Due to pre-formulated claims, investors would also be able to cope without their own lawyer. It is strongly discouraged to use a standalone release because it can be difficult to find the containers without their contacts, if they exist. Other difficulties are the value-bearing leases entered into with the shipping companies of P & R in Switzerland and the lack of information on the existence of fixed badets and leases. Insolvency related securities can only be used one hundred percent if they can also be proven.
Opponents of Potential Liability
The two experts also commented on the potential liability of the defendants. For contracts traded by banks, investors have the best chance of getting money. For consultants, it depends on the quality of their activities and the number of investors who want to protect them. In addition to these come the accountants, because they have not noticed the abstinence of the containers, and the shareholders, as they should have known that all the containers that were sold do not belong to them. did not really exist. According to current information, investors could be satisfied to reach a quota between 15 and 20%. In addition, it is not yet clear whether the rents paid for non-existent containers by investors must be returned.
The first signs were present
According to experts, the alarm of investors should ring in 2017. According to a report on the balance sheet of the group P & R, we could see that the Investor funds were not used for the purchase of new containers, but that they were loaned to other group companies. They also reaffirmed that investments in containers are by no means comparable to a savings account, but that the risks are far too high in relation to returns. Such investments should be accompanied proactively and completely transparent information would be available, in case of doubt, from consumer centers or the Swiss Financial Supervisory Authority.
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