Conflict between investors and their business partners has occupied German courts for years. Authorities in Liechtenstein, Austria and Switzerland are also now investigating.
(Photo: Wikipedia)
Düsseldorf, Zurich, Berlin Investor Florian Fritsch raided: Public prosecutors in Austria, Liechtenstein and Switzerland searched the business and private premises of the German entrepreneur and property manager in three countries.
Investigators are investigating suspicions of serious fraud, infidelity and money laundering, as the public prosecutor in Liechtenstein confirmed to Bloomberg news agency on Thursday. As Bloomberg further reports, the discovery took place on 26 October.
According to information from Handelsblatt, authorities are investigating not only Fritsch, but at least four other suspects. They took documents, computers and mobile phones from the company headquarters of private equity investment specialist Fritsch & Co in Vaduz and from other locations, as reported by people familiar with the processes. In addition, Fritsch’s accounts have been frozen.
Fritsch made a name for himself as an early investor in successful tech companies, for example indirectly through associations with delivery services. delivery hero Or in Relayer, a company specializing in the networking of machines.
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According to Handelsblatt research, however, Fritsch’s business practices have been occupying German courts for nearly 15 years. The former partners accused the entrepreneur of, among other things, embezzlement and breach of trust. For example, the allegations forced Fritsch to end its partnership with the stock exchange shell GFJ ESG. Along with ex-Klockner boss Gisbert Ruhl and Relayer founder Josef Brunner, he originally wanted to take thermostat maker Tado public.
Former business partners also took action against Fritsch in Liechtenstein: a Liechtenstein lawyer, on behalf of two major creditors, obtained arrest warrants on Fritsch accounts in the mid-double-digit million range. The accused investor had in August confirmed that “there were differences of opinion regarding the amount and maturity of the investment. I have counterclaims of comparable amounts from one party.”
Fritsch gained international fame when his investment company Colorrock joined the Indian airline Jet Airways, which ran into financial difficulties and had to file for bankruptcy in 2019. The partner in the deal is Dubai-based businessman Murari Lal Jalan.
Recently, the restructuring effort stalled because the airline did not have enough funds to order new aircraft. Flight operations were originally scheduled to resume in March 2022, but the company has reportedly failed to find lenders.
More: This Man Has Been Working in German Courts for 15 Years – Yet Investors Keep Paying Him
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