Ousted Head Honchos at EM.TV Charged with Share Crime

08 November 2001

The two former top executives of EM.TV & MerchandisingThomas Haffa and his brother Florian – have been charged by the Munich prosecutor's office with making false statements and manipulating the company’sshare price.

Ex-chairman Thomas and his equally-ex chief financial officer sibling stand accused of presenting false half-year figures for the company in August 2000 and of having reaffirmed full-year forecasts on several occasions between October 9 and November 15 (last year), knowing that EM.TV would not be able to reach those targets.

The troubled company – a former growth stock Little Mary Sunshine of the Frankfurt Neuer Markt – is in the throes of a major restructuring after a buying binge last year led to near-bankruptcy. It was rescued in an eleventh-hour deal with Kirch Gruppe earlier this year when Thomas Haffa was promptly ousted by Kirch-approved Werner Klatten [WAMN: 25-Jul-01]

No EM.TV executive was immediately available for comment.

News source: Handelsblatt (Germany)