GERMANY: Daimler hits sponsorship problem over Brawn GP
14 December 2009 | Source: just-auto.com editorial team
Daimler, which has bought the Brawn GP Formula One team, has run into problems with a major sponsor according to press reports.
German daily Handelsblatt said that the former director of sponsoring at Henkel, which makes Persil wash powder, signed a contract with Brawn to invest EUR90m (USD130m) over three years from March 2010 - but Henkel's management say they know nothing of the deal
Handelsblatt added that for some 18 months the former employee allegedly issued fake outstanding bills worth EUR45m (USD67.5m) using Henkel stationery and sold them to debt recovery firms.
EUR11m (USD16.5m) of that has now disappeared, the newspaper said.
When Daimler bought the Brawn GP team in November and contacted Henkel about the sponsorship deal, the chemicals and cosmetics group realised what was happening and fired its sponsorship chief.
An investigation has been launched by prosecutors in Duesseldof for embezzlement and fraud. Henkel says that the contract is not valid because it was signed without the board's approval, while Daimler's lawyers maintain the former director was authorised to sign such contracts, Handelsblatt said.
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