Business News

Bribery case against former top German executive set to be dropped

Oct 26, 2009, 13:30 GMT

Munich - The trial of the former chief executive of chipmaker Infineon looked likely to fold Monday after lawyers said there was insufficient evidence to back charges of bribery. Both the defence and prosecution told the Munich court they were willing to drop the case against Ulrich Schumacher. The court is expected to announce its decision when it reconvenes on Wednesday. Schumacher formerly ran Infineon, a major manufacturer of semiconductor chips. He is accused of accepting large sums of 'sponsorship' money from 2000 to 2003 to drive in privately arranged motor-racing events. He was charged with eight counts each of corruption in business dealings and tax evasion as well as a single count each of misappropriation and attempted fraud. In an earlier statement to the court, he said his 'most stupid mistake' had been to mix his hobby of racing with his duties as an executive. Prosecutors say his racing was funded by a former friend, Udo Schneider, who was sentenced in 2006 to four years in prison for corruption. But Schumacher denied receiving the large payments, and accused Schneider of lying. Schumacher was once seen as a star German executive. He attracted attention to Infineon's initial public offering in 2000 by driving a racing car down Wall Street in New York. He left the company five years ago and now runs Chinese-owned Grace Semiconductor.

Business News

Bribery case against former top German executive set to be dropped

On the Web

Your Talkback on this Story

Similar articles

Latest Headlines in Business

Older Talkback

Like M&C on Facebook

Viral Web

In Monsters and Critics

Corporate

The Fine Print