Stefan Ortseifen

Stefan Ortseifen (* 1950 in Garmisch-Partenkirchen ) is a former German bank manager .

Career

After graduating from secondary school, Ortseifen completed commercial training as an office clerk from 1968 to 1971 . From 1972 to 1973 he worked as a clerk at Daimler-Benz AG in Berlin in the accounting department and then moved to BC Berlin-Consult GmbH (Berlin) until 1981 , where he was responsible for finances. After a stopover at Friedrich Krupp GmbH in Essen in 1982, where he was responsible for foreign finance, Ortseifen joined IKB in 1984 as head of foreign finance . In 1987 he was promoted to Head of Foreign Financing and was head of the IKB branch in Frankfurt from 1992 to 1994. In 1994 he moved to the bank's board of directors.

CEO of IKB

Ten years later, in 2004, Ortseifen became spokesman for the board of IKB. He held this position until his release in 2007. In addition to treasury, Ortseifen was responsible for corporate development, law, economics and securitisations. In 2004 he also took over from Dr. Alexander v. Tippelskirch as Chairman of the Board of Directors of IKB International SA Luxembourg. IKB International SA Luxembourg is the largest subsidiary of IKB. Günther Bräunig became Ortseifen's successor as board spokesman .

Impending insolvency of IKB

Stefan Ortseifen was dismissed as spokesman for the board of IKB in July 2007 because the company had got into considerable difficulties due to bad speculation with badly secured American mortgage loans. According to Bafin boss Jochen Sanio , if IKB went bankrupt, there was a risk of the biggest banking crisis since 1931, when a national economic crisis developed due to insufficient bank liquidity. Politicians then demanded the clarification of the question of whether criminal action must be taken against the previous board of IKB, but this was initially not pursued. IKB stated that Ortseifen's annual remuneration totaled 1,597,000 euros; his annual pension entitlements of 378,000 euros. For the past financial year before his dismissal, Ortseifen received a success bonus of one million euros - according to the remuneration rules of the supervisory board, a reward for personal performance and the future prospects of the company . For the 2006/2007 financial year, seven members of the Management Board received a total of EUR 6.837 million. The chairman of the supervisory board and former E.ON boss Ulrich Hartmann stated at the beginning of 2008 that the bank would not raise any claims for damages against Ortseifen or other board members because the bank under its board - contrary to the recommendations of the government commission for good corporate governance - had a manager's liability insurance without excess the manager had completed. On October 23, 2008, a spokesman for the IKB announced that the bank is suing Ortseifen for the repayment of royalties in the amount of 805,000 euros. Stefan Ortseifen still lives (as of 2010) in his service villa at Am Rheinblick 35 in Meerbusch. He is of the opinion that his employment relationship was unjustly terminated and is offsetting his claims against the rent.

process

At the beginning of July 2009, the Düsseldorf public prosecutor's office brought charges against Ortseifen and, in particular, charged him with a press release dated July 20, 2007, in which he incorrectly reported the business development of IKB Bank, in particular the amount of the preliminary annual profit for 2007, was significantly too high - has shown violated the Securities Trading Act. He was also accused of breach of trust, as he had extensive construction work carried out on the boardroom in which he lived without having to adjust his rent appropriately. He is also said to have settled private purchases through the bank. On July 14, 2010, the Düsseldorf Regional Court imposed a ten-month suspended sentence for manipulating stock market prices. In addition, Ortseifen has to pay a fine of 100,000 euros. The Federal Court of Justice has meanwhile rejected the appeal lodged by Ortseifen (Az .: 3 StR 506/10) against the judgment by decision of July 20, 2011. The judgment is then final.

Publications

• Stefan Ortseifen, Heinz Hilgert: Equity capital gap in the German middle class , publisher: Uvk, 1st edition, 2007, ISBN 978-3-879-40807-8

Individual evidence

1. ↑ Just past a national disaster Die Welt
2. ↑ FDP wants to take action against ex-bank executive ( Memento from December 3, 2013 in the Internet Archive ) Netzeitung
3. ↑ Compensation report  ( 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. PDF IKB  
4. ↑ Der Spiegel , 01/2008, page 56, January 2, 2008: Review 2007: The most incompetent bankers
5. ↑ Manager Magazin , February 13, 2008: Rewards for Failures
6. ↑ spiegel.de March 16, 2010: Course manipulation in the winter garden
7. ↑ http://www.manager-magazin.de/unternehmen/karriere/0,2828,633726,00.html
8. ↑ SZ ticker from July 14, 2010 Ex-IKB boss Ortseifen receives suspended sentence - zeit.de on July 14, 2010.
9. ^ Spiegel-Online July 14, 2010: Kursmanipulation. Ex-head of the IKB sentenced to suspended sentence
10. ^ Spiegel-Online July 14, 2010: Financial Crisis Process. Mildness for the billionaire gambler
11. ^ Legal Tribune-Online July 14, 2010: Financial Market. The IKB process does not lead to the core of the crisis
12. ↑ Handelsblatt dated August 2, 2011 (No. 147), page 54
13. ^ Judgment against ex-IKB boss legally binding - zeit.de on August 1, 2011
14. ↑ http://www.e-lexx.de/startseitennews/news_strafrecht_22643.html  ( 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.  

Web links

• Report and photo manager magazine