Press Release of HSH Nordbank referring payment to Goldman Sachs
Hamburg/Kiel, September 21, 2009 - The Bank has issued the following statement in response to the allegations spread by some media today, that HSH Nordbank "gave money away" in 2008:
These allegations are false. In early November 2008, HSH Nordbank decided to pay USD 45 million to investment bank Goldman Sachs in order to complete a transaction. Whether or not the entitlement to this payment had already been forfeited would have been a matter to settle in court. Against the backdrop of the highly sensitive conditions underlying the financial market and the international liquidity bottleneck in connection with the insolvency of investment bank Lehman Brothers, the decision to dispense with clarification in court was unavoidable.
Under market conditions characterized by concerns that further banks in addition to Lehman’s might not be able to meet their payment obligations, the intention was that expected market rumors about HSH Nordbank's capability should not be given an opportunity to develop right from the outset. Consequently, the Bank authorized the payment with the aim of averting substantially greater material and non-material damage.
The information contained in this press release does not constitute an offer for the sale of any type of Hamburg Commercial Bank AG securities. Securities of Hamburg Commercial Bank AG may not be sold in the United States without registration pursuant to US securities legislation, unless such a sale takes place on the basis of relevant exceptional provisions.
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