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.
Hilmar Kopper,
Chairman of the Supervisory Board
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.
This press information can contain forward-looking statements. These statements are based on our beliefs and assumptions, on information currently available to us which we consider reliable. Forward-looking statements include all statements which are not historical facts, including information concerning future growth prospects and future economic developments.
Such forward-looking statements are based on assumptions relating to future events and are subject to uncertainties, risks and other factors, a large number we cannot influence. Thus actual events can differ considerably from the forward-looking statements made. We make no warranty for the correctness or completeness of these statements or the actual occurrence of the statements made. Furthermore, we assume no obligation for updating the forward-looking statements after this information has been published.