Betrug des Jahrhunderts: Der P&R Container-Skandal | ZDFinfo DokuAug 18, 2022
containerwas successful for 42 years on the gray capital market, then the billion dollar business turned out to be a century amounted to around 54,000 investors cheated around 3.4 billion euros in damages the result is that we certainly have one of the biggest fraud cases in post war german history if i am european but none have been in 2018 a snowball system for an avalanche is hands down the biggest thing i have ever experienced the questions in question have not been able to get away with the supervisory authorities and the legislators that is actually my big question who is responsible for something like this who is responsible for the possibility of obvious fraud it is standing but it contains a real asset about 2.3 tons of steel loaded up to 25 tons that move goods around the world a market in which everyone can participate in p&r investors can invest directly the
containers were what was special the walk closed the club i think it didnt even work d the tax office knew what that was in p&r you can buy real assets 10 20 30 shipping containers a seemingly safe investment also as a plan pension i have some boxes and boxes that people drive across oceans we don't play so i wanted they are not shipping containers they are more and more needed in a globalized world b&r business idea sounds convincing you buy a container for three to five years b&r leases these containers to investors and leases them to shipping companies the regularly agreed rental price is paid then the containers are resold after the end of the term investors receive a buy-back price that they were promised when the contract was concluded at the end of the client recovers about 120 percent of the purchase price a return of about four percent a year and therefore for in above the usual returns for normal savings products during compiled according to own information in of In the 2010s, up to six percent of the world The container was a major player on the German capital market The company's headquarters in the suburb of Grünwald, in Munich.
There was not much funding in Frankfurt. There were no pots. he founded the company according to legend he designs the business idea on a beer coaster customers were always a success story heinz r savage as a self-assured but modest gentleman actually on a notepad this is how the idea came about on a beer coaster whether the story is true or not may play a role but hits the man even saying according to legend he was able to describe as an entrepreneurial natural talent what he touched turned him into money 2007 heinz r retires to la caribbean island with a pool from now on runs the company under the palm trees the founder of b&r is becoming more and more of a legend few have seen it none leaves a trace on the net his nickname there s phantom the remotely successful business is excellent investors get returns on time and products r sell well 42 years of success until february 2018 the press talks about the biggest investment scam in the federal republic p&r is in ban completely insolvent bankruptcy insolvency after 42 years a castle in the air collapses 54,000 injured hit it out of the blue the money they invested was gone i really didn't think about it which was inconceivable at all that we sold paper and not containers i stayed in shock because really amazed during the insolvency proceedings it became about half of the containers sold do not even exist and so it was worldwide that one million 1.6 million containers a lot the two thousand years founder of b&r heinz continues to move the threads from the caribbean the ghost is located in munich-grünwald werner f at the desk the executive director and managing director are next door t sales director wolfgang s and also once as a son is a management function until 2012 part of the company a lot about The billion dollar fraud remains in the dark to this day with barely any traces in the network around the executive floor. ivo de p&r there are legends but a man knows the children of the group without getting into the fraud having been aware who says hayo meyer former head of marketing speaks for the first time in front of a camera about his almost ten years in the company that is responsible for a century of fraud abroad, but it looks like a family business, a facade of realistic seriousness and I explicitly say that conscience does not stage an expensive gold painted maserati, everything in the yard must be realistic and the modest meyer is director CEO of a munich marketing agency in 2009 when first contacted by b&r CEO werner f prays for green forest he didn't ask if he wants to do the job he was a fach he was so used to describing that it wasn't nothing negative the old school CEO zib that could have come from his movie heinz rühmann meyer strengthens his p&r as mark meyer and his colleagues prepare a presentation that includes calculations lo and they present both for the ceo that was more of a try at the agency and then interrupt the presentation after about ten minutes dr meyer how long do you listen to me like this shit no matter what optional a fast top brand is part of the company promise back then that you only pay investors what you really do can really earn that's why you approach business with your feet on the ground a principle that arrives returns are always deliberately kept in the range of 4 to 5 percent above returns for example conservative savings products achieve low returns at more credible returns in turn attract more investors and that is exactly what is at the end also happens egie strategy goes full steam ahead until bankruptcy in 2018 About 54,000 investors invest in Q&A bins in part is that all their pension provision attorney ones peter mattil from munich represents thousands of injured people remembers the first calls after the b&r accident theirs called they were crying because nursing homes could no longer pay they were dependent on rents they really saw it as a long term investment as provision for old age sometimes for generations I have people who already have children and grandchildren have bought containers since then the 80s are none no no no speculators no no adventurers like captain of statistics in the bankruptcy administrator that many thousands have between 80 and 100 years 54,000 personal stories and private losses the big headlines healed quickly one of the injured is gisela sturm the 70-year-old from Berlin is a freelance translator and offers a simple calculation of her money saved for old age would only last until she is 82 years old without investment the Q&A offer consisting of regular annual payments and short terms convinces you that there is no there were opportunities to invest money for people like me who need the money when i thought well i thought about it for half a year and i thought i would take a lot of money and do it now and i will buy more containers and then i felt great because they were tangible i wanted almost 30 containers i will buy one from them then at some point he showed me a little stall for the night of my life and then i have nothing else for gisela strom means she has to keep making money i work as long as i can i really want to do something else in the life of somehow when work conrad's b&r story begins 30 years ago at a bank that he doesn't want to give his full name where he belongs to So the first container investors spoke at the beginning 30 years ago.
It was not a problem of provision for old age. Then out loud. Whether the provision for old age was established. He knew roughly what he could expect in terms of pension and he almost should. they have made up 40 to 50 percent after years of good results the p&r also recommends he go back to his parents seemingly safe advice on the financial market part of the whole story is a recommendation definitely a recommendation and a good experience i blamed myself too it was ultimately the good experience i had in the past the parents got there too so please in any case you didn't buy that so easily you trusted what had gone well for decades i thought the translator gisela sturm i also took private advice always something special felt great i told you you tan too and how it all works and then they always looked so incredulous it's great some were even willing to do that and thank god , it doesn't come easy profitable sure it's a good story a medium sized family business with only 25 employees good real asset returns l The extraordinary thing about b&r's marketing strategy was that they had a very good understanding of how their own clients work, that means they had an older clientele in mind, they were down to earth, sometimes they issued six more instead of making transfers, which meant the story behind this is a simple product certainly extremely good to sell it or just continue it as a story hi maria joins the company in 2011 as director of marketing and communications not only wants to build trust but also more transparency for customers investors says his idea voluntarily publishes the annual report the idea for the annual report has experienced gasps d ann threw out-and-out tantrums an annual report was restrictively rejected the emotional reaction was surprising though i could have just said i don't but how angry very emotional and personal for werner f heinz r and wolfgang going to be narrow as an expert opinion from the insolvency administrator michael jaffé will probably show later b&r has been using fresh money from investors not only for new containers since 2007, but also to meet the demands of existing customers b&r is in dire need of new money not until 2012 i had a meeting very unusual with that werner if you know what i mean by wills no he just said the word billion what werner f stands for billion new business sales basically this conversation was about monster new business sales like he called them with marketing he could have said with the internet or so we'll have a summer bbq with the organization team anised whether that was my perception at the time is it numerical chemistry or is it an example of megalomania actually which it wasn't evident at the time was despair there are good reasons for that, as Harry Meyer later assembled in a table in 201 2 there were more, more than 1.6 million containers should be available but about 550,000 of them are missing, according to his own statements, nothing is known at this time, although he thinks that the goal of one billion is incomprehensible and achievable. in 2013, p&r celebrates a record year of more than 1 billion euros coming from pure new money from investors who have invested again or recently invested the new capital only prolongs the inevitable demise for 42 years hardly anyone doubted the success of b&r stefan Loipfinger is one of the few journalists who have been critical of Q&A since the 1990s, at which time it was clear that investors are buying containers here at prices well above sea level.
On the market situation to hide that the rents were also paid on the market conditions and for a long time the repurchases were also set at a level that also charged on the market if you just add one and one together as a number person then you get to the conclusion that the unique business model depends on new business because the container market is subject to fluctuations during the global economic crisis the container business collapsed for a long time peter erdin investors rents and purchase prices too high but also you they sell packaging up to 50 percent more expensive than in the usual market instead of adapting to what happens in the market sell packaging in these conditions, some of which are not used in times of crisis, they only cause costs that inevitably lead to at losses where I am not from the market the money necessary for payment to investors comes from suspicion that the new sales are causing the problem that they are falling p&r there is less money available to make up the losses p and it seems to be dependent on new business but according to the finger he cant prove that he keeps checking the drafts a p&r he finally contacts someone too That Hayo Meyer was in contact more frequently during all this time than he reports critically as usual as it turned out, there were also many assumptions that had to be made or at least were consistent.
I think I was one of those people who sometimes caused extra work and diligent work because p and he told him For a long time, the story that, in addition to the many, many containers, investors also give many containers that would belong to p & r , that is, a fleet of shadow containers next to the investors, the containers should have given dialogues. enough to be able to easily make up for any shortfalls that might arise somewhere in between, including reports from meyer werner f Did I mention that such a shuttle fleet is punishableby itself if you don't assume the company has seven billion in reserves, or what's common in the business, by the way, the shuttleA own fleet of fast-running pianos that didn't even go to market because they have a name, so they may earn less income for a while. two years of working together like i actually called the agency and told myself you don't need to be yelled at in the typical way like you might need your paper with the knobby f you can move i thought you'd find a company that had been successful in a hugely complicated market since 1975 act even if you see or find discrepancies, i had to tell myself over and over again that they have been running the business for 30 years so it was important to be humble even on the things i don't really understand first that all accept it assuming you don't know much you still know a lot hayo meyer not yet, he says, and you probably can't either i don't know that is due to the company structure p & r b & r is by no means a simple house in munich green forest in zug in switzerland p & r equipment & finance is located in germany only p & r sales three companies under the umbrella of p & r ag in germany containers are sold to investors but p & r ag germany an does not own any containers itself they are bought, rented and sold in switzerland all companies have p and r in their names and all have the same founder heinz r but there are two separate groups of companies each stefan loipfinger immediately suspects that even though he knows that the company structure is basically legal, if i hadn't wanted to hide something from the beginning, we wouldn't have taken this detour through switzerland so no one could see how much switzerland actually generates, how much they rent and how many containers are bought and sold against established on the containers that were sold to investors in germany how can that be possible? a german company sells containers but no need to prove if they actually exist and furthermore german p&a doesn't own a single container stefan loipfinger often has such obscure financial products ultimately and was in extreme gray area for a long time where there were no regulations legally possible and legally permissible legal requirements this area is called the gray capital market in germany until 2005 all of this is legal but not controlled no state supervision only some legal requirements after 2008 global financial crisis new laws are passed laws to protect investors almost every year after several bankruptcies in the gray capital market, politicians react and still not checked until 2016 and no state financial supervision for former st ell deputy chairman of the finance committee of federal parliament gerhard schick a serious omission in the gray capital market there have always been scandals there have always been bo cases of fraud and leighton for investors this gray capital market is a special feature of these other countries so it is not completely unregulated of course some basic rules also apply because I find it completely incomprehensible why in Germany we allow there is a field that has made possible so many lies and frauds in recent years, then a consistent answer has not been taken.
In total, four years that have been lost in fraudulent models. The city is then available for provision for old age or other important purposes. The creation of old-age provisions is increasingly becoming a private matter in Germany, but investors are paperless and often don't even know in which area. the german capital market they are in oh how come gisela sturm heard the term gray capital market for the first time in 2016? I'm very lucky what a gray market is and I thought a bandit would do just fine. Then I was very scared, rightly so, the peculiarities of the German capital market. they are hard to see through and structures become more transparent than clear over the years we need some basic security in our lives we all don't want to deal with meds in detail don't want to deal with car security and many want if they arrive at that level they have made it their job they also do not deal with the security of a capital investment in detail konrad takes intense care of his capital investment in p&r he had the annual financial statements audited like any large b-corporation and has his balance sheets certified by a auditor every year, I also checked how serious everything sounds but how it is also certified and for me, in the belief in the rule of law, an auditor belongs somewhere at the top of his seriousness who does sign and seal that it is true the audit reports of large companies on the gray capital market are the only ID available in the 2010s Lawyer Peter Mattil cri tica the audit of German p&r companies for profitability p and did not recognize the auditors, of course, basic things in my opinion, for example, the question of how to sell an adjacent container that does not. exist or already exist somewhere so the basics weren't considered here but really control is the sticking point an auditor has to reject the certificate then it probably would have been over much sooner why the auditor issued the certificate, i.e. the confirmation of the regulation has not rejected the annual accounts one can only speculate whether it can be prosecuted from a legal point of view remains open peter mattil is targeting a lawsuit the auditor responds to our query on the occasion of the yearly audits i conducted at german p&r companies i always have all the relevant legal regulations note adding lawsuits against them have been dismissed in numerous cases something has been brewing in the sky about p&r for a long time the legislator is dealing every to gain more control over the gray capital market 2016 is inevitable b&r has to withdraw the prospectuses from its products of the federal financial supervisory authority in the following year have it reviewed by business journalist stefan loipfinger can't wait for the publication of the prospectus promises information but you have to be patient that was the most exciting moment in the history of the markets for bins and the ab set figures for p and himself getting tighter and tighter the record years were over the goods were too correct in the calculation it's getting too tight if he can really still raise the money to be able to pay investors p & r faces two problems on the one hand the peak years of demand with income of up to more than a billion euros in animal tribute with sales figures falling again, the rentals and repurchases of containers still have to be paid on time and the demand of prospectuses poses great difficulties for p&r because the federal financial supervisory authority, bafin for short, wants to pay one thing above all else what is p&r trying to do to cover up werner f and fellow board members delivering improper twist after the other heiko meyer says bafin kept seeing formal errors without bafin go-ahead there is a risk that sales will stop so p&r seems to have had a brilliant idea the three sales companies in germany are dealing with it in the future only on the altanl For example p&r container investment products will be traded from now through a single new company, p&r transportcontainer gmbh.
This circumstance was completely unusual in terms of regulation, which was completely unusual for us. Of course, then it became explainable for none of the companies that not even hidden from the bafin, so many numbers cannot be combined, perhaps the approval of the sales prospectus of a new company in the bafin will be successful, but then the company will look shaken by a completely different message in may, werner f was very surprised by the message on a monday he passed away with a message from the then sales manager wolfgang s in addition to personal sadness he definitely also regretted it was by the way in the eye were then however everyone they weren't just happy the ghost was just there heinz r returns to germany from the caribbean is the first to rule out the see chief of operations from one day to the next and a general confidence radiated a tremendously calm sovereignty very nervous at least not recognizable nervous actually to that one had tremendously positive respect for him 1 album ever asked his time for a one hour meeting a and this first meeting that, of course, was a staging, but it never worked as the good guy who always dressed perfectly, but it's that over the push that the check determined to work like a boy, sean connery and he doesn't know so handsome, you have to say yes, the fascinating personality. workforce confidence is back in early 2017 prospectus not yet approved by p&r unable to sell anything other deadline is about to expire haarmeyer is sent by car to frankfurt only half of documents with he the rest have to go out to pick up the printing press on the way to mannheim this is how it came about situation that was in frankfurt the bafin building where there is no park which is now a multi lane street and then i drove the car with the engine running in front al bafin a runner when on the pavement i think it was four at 4 p.m. bafin makes it henn sonja in mainz the job is finally done bafin is actually stirring up primer and other pe prospects and therefore the aim of the procedure is to improve the protection of small investors and better inform investors on financial products after crises in p&r staff changes and critical reports finally give reassuring signals to clients bafin was a great label for me i thought if the state had its fingers in it then nothing could happen when the bafin is there well, you can see what happened the residents it often seems that there is a seal of the financial supervisory authority that is only formally correct or also the content checked, that is not so clear to most people anymore and it is They are based on the fact that banks and insurance companies know that there is intensive government supervision, that this also applies to the prospectus in the other areas, although not it is one tenth in terms of content p&r is not subject to supervision by bafin the company's business is not controlled only through the examination of the prospectus, which is also mandatory for p&r from 2017, does the group come into focus from bafin, but according to the law, it only checks for consistency, that is, the absence of contradictions within an offer, completeness and comprehensibility, there is no examination of the content that others must assume, I read it at once as an exciting novel because we didn't get at least a rudimentary answer to a lot of the questions I had been asking for years, it was more tender supervision than supervision that should kick in and that's what happens to Q&A clients when you take the prospects of the different years together, the information that was then already had visible inconsistencies, but it is not the case of the weapons, she does not compare the individual p&r approved by her prospects and she does not compare my For the above performance reports Stefan Loipfinger is not required to either but he does exactly what catches his eye first of the prospects one can read without coverage the specified annual financial statements of switzerland make it clear that p&r generates very little income for investors , and that at least in the three-digit million per year that was evident from this, with deficits of at least 130 to 150 million euros per year, there should have been a demand, the bafin did not make the demand and that is one of many shortcomings that I have for financial watchdog in context g indictments on demand bafin and matt shares is fully understandable and coherent prospectus bafin has to approve it has no discretion here bafin cannot verify content by checking for consistency , a specific prospect is compared for inconsistencies in himself, but not in comparison to other prospects and for the new company of public relations allegedly founded specifically for the prospectus review, no deficiencies either because it has no record the bafin is not obliged to check whether the figures also given for switzerland are in line with those of the p & ar companies in germany generally fit they just looked the other way was not important to her what i keep finding is that the supervisory authority in germany does not understand what are the players who are in their area of responsibility actually do economically by critically examining the business model and comparing the pr brochures , bafin could have noticed several inconsistencies, bafin writes to us about this, the prospectus cannot and should not include a test of the product and does not include an assessment by bafin of the described business model of the issuer, even if bafin had made a mistake , they would not be responsible, it is absurdly legal, so the bafin is not responsible to the investors ores, but if they now close a store like the pnp by mistake, then they are responsible to them and that is why one can always wonder if she is really going to take over such a big supplier because then tooshe can be held responsible, so she reports that she's just passing out in anger.
Actually, I'm about to start on the bafin above all the things we do. he's not really mad so they keep saying yes we will do something for consumer protection too it's his job and he's doing the exact opposite 2017 brochures get last minute approved after two months with no new business company is more tense that never the year begins with an unexpected suggestion from the head of the company heinz r once personally chaired me tz offered it makes you flattered there really is no such thing as a CEO of a billion dollar company yes jojo mayer remember that he has two conditions: a three-man board of directors with a finance specialist and a lawyer for capital market law and he wants to go to switzerland and there the numbers saw the room temperature drop to freezing point, so right off the bat that was the first time i wasn't really sure because there was no mandy just gives an explanation without principle of sexual eyes means there is something that sol or one should know at the same time that there is no information on the Swiss numbers, however, the limits are what it was, let alone a billion dollar fraud on these in this dimension that was unimaginable with animals, an employee sales manager quickly becomes board member as staff change and authorized signatory announces swiss p&r surprisingly behind the scenes p&r shortfall sales figures continue to rise s ind plummeted and suspension of sales sales in the first two months of 2017 due to too acute a lack of money p&r postpones payments to investors 30 days for the first time in 41 years the goal is to buy time in the meantime every day p&r finally pays 1r sells more containers that actually belong to investors and investors belong feb 2018 p&r can't pay again this year hagemeyer estimates 870 million euros in investor claims are due 220 million in the pri mer quarter 50 million were available cutlery sold without explanation no idea one has to be honest of course intensified in itgrünwald meanwhile from hundreds to thousands of letters the mailboxes of investors, who did not receive no explanation, they opened it partly for private security installed up to thousands of calls. of desperation heinz heinz does nothing barricaded himself in his office isolated from all reality that the market regulates when he whispers about too many new businesses and he sets up the scam that he now knew a million containers are missing that he believes could be completely disconnected from which he said if they had allowed me to continue nothing would have happened to me anyone presenting himself as a victim others would have destroyed his life's work so he has the impression that what follows is inevitable and yet p&r emits an advertising press release, clients should resubscribe to container investments a few days later, p&r bankruptcy months later. insolvency administrator jaffé in front of thousands of victims at the olympic hall in munich in a million containers the investor does not exist almost never existed it is the biggest facility fraud in post-war history for many victims damage with serious consequences konrad he he contributed to his installation p & r he left as a reserve for the future after an accident he can no longer do his job I have a pension of 770 euros which is a disability pension for me personally the possibilities have changed I have recently retired and I love in a smaller hint how many people injured fills konrad just how can a billion-dollar scam be like this remain undiscovered for a long time that feels a bit like you experience it in the wrong country that is possible with us and i say clearly i thought not that is not possible with us at least what is happening now can not know who is responsible for what happens to heinz r with wolfgang it the general manager of switzerland possible acquaintances in the area and the family the answer is sobering almost nothing werner f died three months after insolvency under unclear circumstances heinz r has to be in custody the prosecutor sees escape and danger of collusion there is no trial the founder of the company is ill in december ember 2019 he too dies the three main suspects remain silent forever little is known about the swiss b&r to this day no internet presence no information accessible to the public unlike the german p & a everyone can see the sales figures and test reports also in switzerland in munich there is an indictment before the swiss CEO whether the main proceedings will be opened at the time of the release of this film is uncertain against the son of house a the investigations are abandoned the son of r left the company at the end of 2012 indications that he was aware of the shortage of co ntainers, the prosecution writes to us that the investigations against the last CEO fraud of the century and nobody has been defrauded investors one would like there to be a clean procedure, those responsible would end up behind bars and what happened there would be very altered , the political fallout would also be taken out immediately and the thing to see now is that the main perpetrators are dead, no one has really ended up behind bars so far, the proceedings are still very disappointing and I can understand if some people feel powerless and they are also left alone, we get the impression that financial fraud is obvious in this society it's ok you can't study business administration every time you want to invest money you feel very lonely it weighs heavily on my narrow shoulders there is no one there the case it also reveals errors in the system the limits of the weapons used in the discovery the fraud of the investors and the dependencies that can arise when the auditors depend on the company they are paid the s that is to say, if more than 50,000 wounded remain sitting at their expense for some it is bearable for others they are provision for old age and the entire fortune is has gone, the legislator will have to ask the following question who is responsible for something like that, is praised for it
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