Statement by Hilmar Kopper, Chairman of the Supervisory Board of HSH Nordbank
Hamburg, October 20, 2009 - It is with concern and dismay that the Supervisory Board of HSH Nordbank has registered the increasing attacks on the Bank's CEO Dr. Nonnenmacher over the past few weeks.
In the interests of the Bank, the Supervisory Board considers it imperative to dispel all doubts as to the propriety of the CEO's management activity.
As early as in April 2009, the Supervisory Board retained the services of law firm Freshfields Bruckhaus Deringer to examine whether the members of the Bank's Management Board had breached any of their duties. I have now asked the law firm to submit to the Supervisory Board an interim report stating whether the CEO has committed any breach of duty.
The law firm has notified me that this is not the case. Specifically, it confirms that Dr. Nonnenmacher was involved neither in the decision concerning the so called Goldman CDS nor in the decision concerning Omega 52 and that his approval of Omega 55 does not constitute any breach of duty. Moreover, it stated that its other investigations did not reveal evidence of any breach of duty whatsoever by the CEO.
At its meeting of today's date, the Supervisory Board expressed its full trust and confidence in the Bank's CEO Dirk Jens Nonnenmacher.
Chairman of the Supervisory Board
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