HE COUNTED 2.8 BILLION IN SALES BETWEEN THEM. THE COURT HAD APPROVED EVERY ONE. THE BUYER WAS THE SELLER.
In November 2023, Matthias Brenner, assigned as the insolvency administrator for Kronenberg Holding AG, found circular transactions totaling 2.8 billion euros existing between its subsidiaries. Despite being approved by the court and banks, these transactions merely created the illusion of value, leaving forty-three thousand creditors with no recoverable assets.
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