Mannesmann payouts retrial begins

The retrial of Deutsche Bank boss Josef Ackermann and five other former board members of mobile phone firm Mannesmann has begun in a Duesseldorf court.

Last year, the six were cleared over their roles in approving bonuses worth about 60m euros (£41m; $76m) related to Vodafone’s purchase of Mannesmann.

The decision was later overturned, reigniting the corruption trial.

The trial is Germany’s highest profile corruption case in decades, and Mr Ackermann is facing calls to step down.

Mr Ackermann has previously said he will appeal against a guilty verdict but will stand down as Deutsche Bank chief executive if he is ultimately found guilty.

British mobile phone giant Vodafone agreed to buy German rival Mannesmann for $180bn in 2000.

Following the closure of the deal, a number of large bonuses and golden handshakes were paid to departing executives – Mr Ackermann was not one of them.

Mannesmann board members had initially resisted the takeover.

Prosecutors argue that by approving the bonuses, the executives failed to safeguard Mannesmann assets, breached their fiduciary duty and sold shareholders short.

The executives counter that the payments were just reward for hard work that more than doubled the Mannesmann share price.

A verdict on the trial is expected next spring.