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Jun 19, 2008, 8:16 GMT

Court acquits former German bank chief

Dusseldorf - A German court on Thursday acquitted the former chief executive of state-owned bank WestLB AG of wrongdoing in approving a loan to a company that was later declared insolvent. The court in Dusseldorf dismissed the charges against Juergen Sengera which involved a 1.35-billion-euro (2-billion-dollar) loan to British consumer electronics rental group Box Clever Ltd. The company was declared insolvent in 2003, resulting in WestLB running up losses of about 500 million euros. Sengera denied any wrongdoing, with his lawyers calling for an acquittal. Prosecutors had, however, sought a two-year suspended sentence along with a fine.

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