Kirch Hikes Deutsche Bank Claim

FRANKFURT, January 15: Leo Kirch has reportedly doubled his
damages claim against Deutsche Bank and its former chief executive, Rolf
Breuer.

Last June, Kirch filed suit against Deutsche Bank and
Breuer, seeking 1.2 billion euros in damages. Published reports indicate that
Kirch is now seeking more than double that amount, 3.7 billion euros. The
newspaper Süddeutsche Zeitung maintains that Kirch is seeking the additional
damages because he blames Deutsche Bank for the loss of his interest in
ProSiebenSat.1.

Kirch’s suit stems from comments made by Breuer, then CEO of
Deutsche Bank, in a television interview in February 2002, when he questioned
the credit worthiness of the Kirch empire, saying: “Everything that you can
read and hear about [Kirch] is that the financial sector isn’t prepared to
provide further’’ loans or equity. Two months later, the Kirch group filed for
bankruptcy. Leo Kirch maintains that Breuer’s comments directly impacted the
company’s ability to raise enough funds to keep itself afloat.

—By Mansha Daswani