| Journal: TWUK | Section: |
| Title: | Issue Date: 13/11/00 |
| Author: | Page Number: 3 |
| Copyright: Other |
Investigation
Preussag chief faces probe following bribery allegations
PREUSSAG chief executive Michael Frenzel, who masterminded the Thomson acquisition, is facing an investigation over allegations of bribery.
He is alleged to have offered cash to board members of Preussag’s former steel division in return for their support in selling the business in 1997.
The claim was made by former board member Hans-Joachim Selenz who said he and five others were offered £307,000 by Frenzel to back a deal to sell to British Steel. It has now been referred to German authorities which is probing the claim.
Preussag declined to comment on the allegations.
Sources in Hanover said the allegation was false and was an attempt to discredit Frenzel. It is thought that the claim is unlikely to have any immediate effect on Frenzel’s ability to run Preussag.
Frenzel: facing investigation by German authorities