FlowTex
Former company
Nº Q5462059 ★★★
Rare · Organizations
FlowTex
Former company
The FlowTex Technology GmbH & Co. KG, located in Ettlingen, Baden, was a company that engaged in fraudulent activity involving horizontal drilling machines for laying underground pipelines. Between 1994 and 1999, almost 4.2 billion Deutsche Marks in damages were incurred.
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From Wikipedia
The FlowTex Technology GmbH & Co. KG, located in Ettlingen, Baden, was a company that engaged in fraudulent activity involving horizontal drilling machines for laying underground pipelines. Between 1994 and 1999, almost 4.2 billion Deutsche Marks in damages were incurred. According to widespread estimates, this was the largest case of white-collar crime in German history up to that point. During the investigation, 55 searches were conducted, and 123 proceedings were initiated against 110 suspects. The four main perpetrators received a total of 58 years in prison, and two FDP state ministers lost their positions. The prosecution calculated the damage at 4.9 billion DM (adjusted for purchasing power, roughly 3.7 billion EUR today), including approximately 0.7 billion DM that would have been deposited into the company's account for the FlowTex bond issued by Commerzbank and Dresdner Bank, three days after the arrest of the main perpetrator, Manfred Schmider.
Text: Wikipédia, CC BY-SA 4.0. ·
