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German Prosecutors Wrap Up EM.TV Trial
Courtesy of the Associated Press
German prosecutors called Monday for eight-month suspended sentences on fraud charges for the founder and the former finance chief of EM.TV, the media company that bought the Muppets and became a star of Frankfurt's now-defunct Neuer Markt index.
Thomas Haffa, the company's founder who quit as chief executive last year, and his brother Florian, the former finance chief, went on trial in November, accused of knowingly publishing misleading corporate figures in August 2000.
Summing up his case Monday, prosecutor Peter Noll told the Munich state court that the Haffas "presented numbers that were crassly false and severely shook investors' trust in the German market."
The brothers said first-half revenue for 2000 had tripled in comparison with the same period a year earlier to 604 million marks. However, revenue actually fell by 200 million marks.
Prosecutors maintain the brothers inflated numbers with business deals that hadn't been concluded, or with sums that were invented or were backdated.
The Haffas have rejected the charges, insisting that they made the statements to the best of their knowledge at the time and in good conscience. Defense attorney Rainer Hamm pleaded for their acquittal.
The court did not immediately set a date for the verdict.
EM.TV produces and distributes cartoons and handles German-language licensing and merchandising rights, including the rights for Pokemon.
EM.TV was founded in 1989 and traded on Germany's tech-heavy Neuer Markt. But its February 2000 purchase of the Jim Henson Co., the creator of Kermit the Frog and the Muppets, and half of Formula One motor racing a month later boosted debt and failed to provide the expected returns.
Courtesy of the Associated Press
German prosecutors called Monday for eight-month suspended sentences on fraud charges for the founder and the former finance chief of EM.TV, the media company that bought the Muppets and became a star of Frankfurt's now-defunct Neuer Markt index.
Thomas Haffa, the company's founder who quit as chief executive last year, and his brother Florian, the former finance chief, went on trial in November, accused of knowingly publishing misleading corporate figures in August 2000.
Summing up his case Monday, prosecutor Peter Noll told the Munich state court that the Haffas "presented numbers that were crassly false and severely shook investors' trust in the German market."
The brothers said first-half revenue for 2000 had tripled in comparison with the same period a year earlier to 604 million marks. However, revenue actually fell by 200 million marks.
Prosecutors maintain the brothers inflated numbers with business deals that hadn't been concluded, or with sums that were invented or were backdated.
The Haffas have rejected the charges, insisting that they made the statements to the best of their knowledge at the time and in good conscience. Defense attorney Rainer Hamm pleaded for their acquittal.
The court did not immediately set a date for the verdict.
EM.TV produces and distributes cartoons and handles German-language licensing and merchandising rights, including the rights for Pokemon.
EM.TV was founded in 1989 and traded on Germany's tech-heavy Neuer Markt. But its February 2000 purchase of the Jim Henson Co., the creator of Kermit the Frog and the Muppets, and half of Formula One motor racing a month later boosted debt and failed to provide the expected returns.
