PEH drops charges against Stefan Mayerhofer

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• Publié par: ARBB-AG
• Nombre de lectures: 17
• Langue: English

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PEH drops charges against Stefan Mayerhofer

PR Newswire

ZUG, Switzerland, December 31, 2012

ZUG, Switzerland,December 31, 2012/PRNewswire/ --

PEH Wertpapier AG is an independent asset manager based in Oberursel,

Germany. Amongst its subsidiaries is the Luxembourg-based fund

administrator, Axxion SA. On a group level, PEH managesEUR 4.5bnin

client assets.

InJuly 2011the company filed criminal charges against its former director, Stefan Mayerhofer, who had been dismissed from his post inNovember 2010. Among the accusations against him were breaches of confidentiality agreements; giving confidential information to non board member, Swen

Lorenz, CEO of ARBB, a significant shareholder of the company.

These grave accusations have now been dropped entirely. Instead, the

company will now pay Mayerhofer compensation, issue him with a top rate

employment reference, and retract the criminal charges. Swen Lorenz had

been called to the witness stand, and observers believe that PEH wanted to

avoid him providing public testimony about the actual course of events.

Lorenz: "The accusations against Mayerhofer, which indirectly included

accusations against me, were without any substance. I would have been

delighted to stand witness in court, to finally shed light onto these matters.

Right from the beginning it was clear that these accusations were solely

designed to distract from the internal management crisis of the company.

Instead, Mayerhofer, and to a degree I, were used as scapegoats.

Lorenz added: "Since 2010, I have repeatedly warned that the company's

mangement had become, at best, complacent. The company now has to

explain to shareholders how they justified spending large amounts of

shareholder funds on legal battles. Judging from the company's share price,

the market seems to have lost all confidence in the current Board."

Lorenz closed by stating: "The company has enormous potential to create

additional value for shareholders in the current market environment, but only

if there are changes.

Contact details:

ARBB AG Swen Lorenz Gotthardstr. 31 CH-6300 Zug Phone: [phone]'73'36 Fax: [phone]'73'37

E-Mail:[e-mail]