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Reports: Former Sal. Oppenheim chairman sued over alleged embezzlement

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Reports: Former Sal. Oppenheim chairman sued over alleged embezzlement

Former Sal. Oppenheim jr. & Cie. AG & Co. KGaAsupervisory board chairman Georg von Ullmann is being sued for what is claimedto be a "particularly severe case of embezzlement," Focus Onlinereported April 27.

He reportedly stands accused of having turned a blindeye to questionable real estate deals that ultimately led to a loss of €23.5million for Deutsche BankAG's Sal. Oppenheim.

Prosecutors offered Ullmann a plea bargain under whichhe would receive a one-year suspended sentence and a six-digit fine, butUllmann rejected it because he maintains his innocence, Focus Online said.

The alleged offenses took place between September 2008and December 2008, Handelsblatt reportedthe same day.

In 2015, the unit's former partner and risk manager, FriedrichCarl Janssen, received a prisonsentence over fraud charges, while three other former Sal.Oppenheim executives received suspended sentences.