Pricewaterhouse Coopers

When the ailing IKB there have been early indications of problems, this revealed an unpublished investigation of the Pricewaterhouse Coopers (PwC). This alerts the ProConcept AG. 2007, the IKB represented the own location as well. Many billion euros are now needed to rescue the Bank. In the summer of 2007 IKB (Deutsche Industriebank AG) existed internally a special investigation of the accounting firm Pricewaterhouse Coopers (PwC), where the speech was of alarm signals. But this 431 pages strong report was not published on the one hand and on the other hand no further serious–with dramatic consequences”, explains Jens Heidenreich as Director of the proConcept AG. The proConcept AG represents the interests of more than 50,000 people as Kounamouta.

The company assumes only the funding and enforcement of claims from so-called dispersed damages. Result of this investigation is that the wounded IKB in the fiscal year 2008/2009 is expected a minus 600 Will generate millions of euros. For ProConcept action is required here. “” That PwC has carefully made one and a half years ago, that fundamental deficiencies in risk management “prevail, the Suddeutsche Zeitung writes in her look into the abyss of failure”. In October 2007, the report in a short press release is although mentioned, but the most findings from this swept under the table. The subsidiary of IKB, the credit asses Management GmbH (CAM) was founded in 2006.

They oversaw the thorniest financial commitment according to PwC. Here too, the auditing company warned of problems. “Obviously those eyes acting according to the motto to and through”, explains the ProConcept-chef Heidenreich. Also according to the minutes of the first meeting of the CAM was discussed in October, that the housing market in the United States cools down faster than expected. The Deutsche Bundesbank pointed the IKB in March 2007 on it, that the mortgage specialists in the United States in some of the acute economic difficulties be advised. The German Bundesbank requested at the same time a collection of engagements in the US real estate market. But the letter of the IKB was although verbose, but peppered with evasive details. On demand of the Suddeutsche Zeitung, why the PwC report was not published, it was said that in addition to the shareholders, who filed a lawsuit for damages, could be even more applicants, the claims assert it. But a considerable risk for the Bank would”represent. The internal test results could be used for a publication for claims, but that would prevent the IKB with the secrecy. According to IKB, even unfounded accusations would weigh on the Bank and adversely affect the rehabilitation process. The IKB Management Board members have known since one and a half years of the impending crisis, but they have stopped nothing worse anyway. Once again the Director of the proConcept AG: many times they have been advised of errors in their company. But the problem is once more, that this Managers already now any moral values are unknown and also economic responsibility are completely lacking. Now however, the bubble burst and every taxpayer has paid 111,65 euros for the prevented bankruptcy, whether he liked it or not. We go by proConcept AG against these injustices.”

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