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Thousands of wronged investors gather in Munich after P&R insolvency

By our dpa-correspondent and Europe Online    auf Facebook posten  Auf Twitter posten  
Munich (dpa) - Thousands of investors in insolvent shipping container management firm P&R gathered in Munich on Wednesday to discuss their claims in one of the biggest German investment scandals in recent history.

Some 54,000 investors - most of them private individuals - have been affected by the scandal, which saw P&R sell and rent back hundreds of thousands of non-existent containers.

The company‘s books show the sale of 1.6 million new and used containers, which it then rented back from investors, but only 618,000 have been found since insolvency proceedings began earlier this year.

The wronged investors are meeting in Munich‘s Olympiahalle venue with Michael Jaffe, the administrator of P&R‘s insolvency, as part of three such meetings which are expected to draw a total of around 9,000 investors.

The investors‘ claims amount to around 2 billion euros (2.3 billion dollars), making it the biggest investment fraud in Germany since the Flowtex scandal in the 1990s.


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