Former chairman and CEO of Arcandor retail and mail-order group, Thomas Middelhoff, is defending himself in two inquiries related to his four years at the company following a bankruptcy filing, reports The New York Times. Middelhoff, who once led media giant Bertelsmann, is being scrutinized for his involvement in questionable administrative expenses. Middelhoff, director of The New York Times Company, contends he has done nothing wrong. “We’re taking a close look,” a prosecutor in Bochum, Germany, Gerrit Gabriel, said. “It will take a long time, and it is not possible to say at this time what it will lead to.” Shareholders questioned expenses, such as using the corporate planes among other expenses. Middelhoff claims that the company’s board approved all such expenses.
Arcandor Retail CEO Middelhoff Defends Himself
Thomas Middelhoff, former chairman and CEO of Arcandor retail is accused by shareholders for abusing his corporate expense account.
August 24, 2009