The former boss of Hypo Real Estate (HRE), Georg Funke, can not be seen in the German public even years after the emergency rescue of the real estate bank. A highly anticipated appearance before the Higher Regional Court Munich said the 58-year-old from short notice.
Spark had decided not to appear to the process because of the ongoing investigations of the Munich public prosecutor’s office, said his lawyer on Thursday. This spark told him in a conversation on Wednesday evening. Funke is only a defendant in the civil case, so he was free to testify. The manager moved from Munich to Mallorca after the HRE debacle. There he traded for a while with holiday real estate. Where he lives today is unclear.
In the multi-billion-dollar compensation case, former shareholders accuse the former management of sparking the situation of HRE for too long in 2007 and 2008, causing them massive losses. They demand more than a billion euros in damages.
Some former shareholders traveled from afar to the trial in Munich to personally see Funke. Funke has not performed in the public since moving to Majorca in 2010, but in a distant interview he defended himself against charges of being responsible for the HRE drama.