Morgan Stanley chief quizzed over German utility purchase

The Chief Executive of Morgan Stanley (NYSEMS) in Germany, Dirk Notheis is subject to a preliminary investigation by the state of Baden-Wurttemberg for his part in the purchase of a utility in 2010.

The FT reports that investigations are ongoing into whether Mr Notheis abetted breach of trust in his advice to his friend Stefan Mappus, a former state governor, over the state’s acquisition of a 45 per cent stake in EnBW (FWB: EBK) from EDF.

Dirk Notheis   The state bought it from the French state-owned utility for    $6bn.

  The investigation was launched after emails emerged showing a close relationship between the pair in bringing the deal to fruition.

  Prosecutors are now focusing on the price the state paid for the EnBW stake as well as why the deal was agreed without lawmakers’ approval. How Morgan Stanley and the state came to agreement on the price paid for the bank’s advisory services is also coming under scrutiny.

Mr Notheis is on leave and the firm is cooperating with investigators who have searched their offices in Frankfurt.

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