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Former German Media Executives Fined
Courtesy of the Associated Press
The founder and another former executive of a German media company that owns the Muppets were convicted Tuesday of issuing false sales figures and sentenced to fines totaling almost 1.5 million euros ($1.6 million).
The case of EM.TV founder Thomas Haffa and his brother Florian was one of the most prominent blows to investor confidence in Germany and helped sink Neuer Markt technology stock exchange, which was phased out this year after losing most of its value.
Thomas Haffa, who quit as EM.TV chief executive last year, was fined 1.2 million euros ($1.3 million) by a Munich court, while his brother, the former chief financial officer, was fined 240,000 euros ($255 million).
The court rejected prosecutors' demand for eight-month suspended jail terms.
The brothers were tried over November 2000 claims that their company's first-half revenue for 2000 had tripled to 604 million marks compared with a year earlier. But revenue actually fell by 200 million marks, the court was told.
Prosecutors argued the brothers inflated numbers - and consequently their company's stock price - with business deals that hadn't been concluded, or with sums that were invented or backdated. The Haffas said they made the statements in good conscience.
The company's stock, which peaked at 108 euros in early 2000, lost most of its value by the end of the year and now trades around 77 euro cents (83 U.S. cents.)
EM.TV, founded in 1989, produces and distributes cartoons and handles German-language licensing and merchandising rights, including the rights for Pokemon.
The company's shares soared when it bought Jim Henson Co., holder of the rights to Kermit the Frog and the Muppets, in February 2000 and half of Formula One motor racing a month later. But the move boosted debt and failed to provide the expected returns.
Courtesy of the Associated Press
The founder and another former executive of a German media company that owns the Muppets were convicted Tuesday of issuing false sales figures and sentenced to fines totaling almost 1.5 million euros ($1.6 million).
The case of EM.TV founder Thomas Haffa and his brother Florian was one of the most prominent blows to investor confidence in Germany and helped sink Neuer Markt technology stock exchange, which was phased out this year after losing most of its value.
Thomas Haffa, who quit as EM.TV chief executive last year, was fined 1.2 million euros ($1.3 million) by a Munich court, while his brother, the former chief financial officer, was fined 240,000 euros ($255 million).
The court rejected prosecutors' demand for eight-month suspended jail terms.
The brothers were tried over November 2000 claims that their company's first-half revenue for 2000 had tripled to 604 million marks compared with a year earlier. But revenue actually fell by 200 million marks, the court was told.
Prosecutors argued the brothers inflated numbers - and consequently their company's stock price - with business deals that hadn't been concluded, or with sums that were invented or backdated. The Haffas said they made the statements in good conscience.
The company's stock, which peaked at 108 euros in early 2000, lost most of its value by the end of the year and now trades around 77 euro cents (83 U.S. cents.)
EM.TV, founded in 1989, produces and distributes cartoons and handles German-language licensing and merchandising rights, including the rights for Pokemon.
The company's shares soared when it bought Jim Henson Co., holder of the rights to Kermit the Frog and the Muppets, in February 2000 and half of Formula One motor racing a month later. But the move boosted debt and failed to provide the expected returns.
