Infineon Manager Resigns Amid Scandal
July 17, 2005
Hot on the heels of a corruption scandal at carmaker Volkswagen, the German business world has been shaken by yet another scandal at a leading national company, computer chip maker Infineon.
Following raids by state prosecutors and police at Infineon's Munich headquarters and the homes of several executives, the company announced that Andreas von Zitzewitz, who heads the memory division, informed Infineon's chairman Max Dietrich Kley of his willingness to quit his post immediately, adding that the resignation must still be approved by management.
The prosecutor's investigation concerns individuals and not the company itself, an Infineon spokesman said on Saturday, refusing to identify the suspects.
Next week's editions of Der Spiegel and Focus magazines reported that several Infineon managers were being investigated for corruption, breaches of trust and tax fraud.
Focus magazine reported that the allegations against Zitzewitz included his having received 259,000 euros ($312,000) from BF Consulting boss Udo Schneider in return for business favors.