Continental Motors Group

HomeCorporateProductsNews & PressCareerContact

Thielert AG
IR - News
Annual General Meeting
Corporate Governance

Deutsch English


Terms & Conditions | Imprint

Apr. 23, 2008
Management board dismissed for cause. Annual financial statements for the years 2003 through 2005 incorrect. Investors discontinue support for restructuring package.

Hamburg - The supervisory board of Thielert AG on April 23, 2008 dismissed the management board members Frank Thielert and Roswitha Grosser for cause and extra-ordinarily terminated their service contracts. Basis are, among other things, explanations of the management board and information received by the supervisory board from the Hamburg Office of Criminal Investigation in connection with preliminary investigations against management board members of the company. It is to be assumed that the annual financial statements for the years 2003, 2004 and 2005 are probably incorrect and possibly void. Investors which had intended to support the company in the implementation of the planned restructuring package under certain conditions, have informed the company on April 23, 2008 that they are no longer willing to provide such support. The restructuring measures to deal with the company's liquidity crisis, as mentioned in the disclosure announcement of April 9, 2008, the refore cannot be implemented as planned.


Home | Contact | Imprint | Terms & Conditions | Login TMG-Service

General Terms of Delivery | General Terms of Purchasing