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NOVEMBER 7, 2001

Criminal proceedings begin against Haffa

THE Bavarian state prosecution service has announced that it has started criminal proceedings against Thomas Haffa and his brother Florian. Both men were formerly involved in the EM.TV company. The authorities say that the two men are suspected of share price fraud and providing false information about the company's financial situation. The prosecution service will now have to wait to see if the courts decide to charge the Haffa Brothers, who have denied the allegations.

Lawyers representing EM.TV's shareholders say that if this could open the way for damages claims against the two men as the criminal case may provide information for the civil cases.

At the time of the alleged fraud, EM.TV owned 50% of SLEC, the Formula One holding company.