HSH Nordbank initiates criminal proceedings

Hamburg/Kiel, December 2, 2010 - Today HSH Nordbank initiated criminal proceedings with regard to all possible offences committed in connection with the engagement of service providers in connection with legal disputes with a Turkish shipping company.

The basis for this comprises information obtained by an auditor in the context of a compliance audit in this matter, which was commissioned by the Bank’s Management Board in October.

The services cover the support of HSH Nordbank in a legal dispute in Turkey with a shipping company domiciled there, pending since 2003, and involves drawing up an expert opinion by an Austrian consultancy firm.

In the opinion of the auditor, an overall view of the investigation findings revealed indications of fraudulent acts that might point to a potential breach of trust or bribery of public officials.

The results of the expert opinion were presented by the auditing company at today’s meeting of the Supervisory Board.

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