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Accueil > Current events > Current event of 14-12-2009
Kiener/K 1/X 1
The public prosecution of Würzburg committed Helmut Kiener for trial. Mr Kiener sold shares in his “hedge funds”, Barclays Bank even issued a note based on the X 1 fund.The life insurance company Vienna Life Liechtenstein AG launched a product named “K 1 Invest Vienna Life Fonds Police”. In the opinion of the law firm Mattil both Vienna Life and Barclays Bank are obligated to pay compensatory damages to the investors, if the notes or rather the life insurance policies have decreased in value. An issuer is obligated to choose his product partners conscientiously. After conducting simple research one could have found out that BaFin (German Federal Authority for the Regulation of Financial Service) had prohibited Mr Kiener to do banking business with the K 1 GbR funds. Moreover, his yield data were so unrealistic that one should have been very sceptical. The sale of participation rights (according to German law) is only admissible, if a prospectus has been submitted to and approved by the BaFin in advance. This is also valid for participation rights that are issued by a foreign company. K 1-participation rights have thus been sold unlawfully. This is why investors turned to the law firm Mattil requesting to investigate claims for compensation and, if necessary, claim damages.
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