German court ends trial of nationalized bank's ex-CEO

BERLIN — A German court has ended the trial of the former chief executive of Hypo Real Estate, a commercial property lender that was nationalized after it ran into trouble in 2008, in exchange for an 18,000-euro ($21,200) payment.

Georg Funke went on trial in March, accused of manipulating the bank's balance sheets in 2007 and 2008. He denied the accusation.

News agency dpa reported that the Munich state court closed the trial Friday, finding that it had been impossible to clear up the accusations sufficiently. The statute of limitations expires next year.

It said the case would be closed in exchange for a payment to good causes. German law allows such an arrangement, meaning that the court delivers no formal verdict and the defendant effectively wins a legal stamp of innocence.

You may also interested in

On 90th birthday, Fidel Castro thanks Cuba, criticizes Obama

Aug 14, 2016

Fidel Castro thanked Cubans for their well-wishes on his 90th birthday on Saturday and criticized President Barack Obama in a lengthy letter published in state media

Japan's economy slows to snail's pace as exports falter

Aug 15, 2016

Japan's economy slows in the April-June quarter, as weaker exports and business investment weigh on the faltering recovery of the world's third-largest economy

Asian stocks drift pending fresh news; oil takes a breather

Aug 16, 2016

Asian stock markets drifted sideways on Tuesday as the price of oil took a breather from a three-day rally