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Legal investigations against Mifa’s former top executive

mifa_3Just a few days after Mifa’s rescue by Hero Cycles, the large Indian bicycle manufacturer, the former chief executive of the German bike maker is subject to legal investigations. Peter Wicht, who was one of the big shareholders of Mifa with 24 percent until Hero agreed to step in last Friday, resigned in April – for health reasons, it was said. In March, it became known that Mifa suffered an unexpected net loss of €15 million in 2013, partially due to bad book keeping over the previous years. Wirtschaftswoche now writes that the attorney in the German city of Halle confirmed that the prosecutor is investigating against Wicht for possible conflicts with the German stock exchange legislation and other penal issues. It was said that the authorities would be checking whether fraud caused damage to the investors.

 

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