Boxing Clever
Boxclever was a British company based in Bedford that rented out electrical appliances, in particular televisions were loaned to private individuals. Boxclever was created in 2000 from the merger of the two traditional companies "Radio Rentals" and "Granada Rentals". In the past, the business of the two predecessor companies developed successfully over many years. However, as electrical appliances became cheaper and more technically reliable, the income fell away. The merger was intended to secure the future of both companies in the face of a shrinking market. In connection with the merger, WestLB took a stake in Boxclever and gave additional loans totaling 1.4 billion euros. When Boxclever went bankrupt in 2003, 427 million of this had to be written off. The WestLB stake was sold to the US financial investor Fortress in 2004 .
At WestLB, the Boxclever involvement, together with other bad investments, led to the resignation of several board members and to legal proceedings for breach of trust against the then chairman of the board Jürgen Sengera .
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- ↑ RP-Online: “Banker Robin Saunders on the witness bank” ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.
- ↑ Financial Times Deutschland, 2007: WestLB's way into the credit disaster ( Memento from January 12, 2008 in the Internet Archive )
- ↑ wdr.de, Christoph Steht, 2007: WestLB: The Dogs Bite ( Memento from October 11, 2008 in the Internet Archive )
- ↑ Agence France-Presse GmbH 2004, 2004: WestLB sells BoxClever - bank does not want to comment on the report ( page can no longer be accessed , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.
