Insolvency administrator brings action against Infineon
The insolvency administrator dealing with the bankruptcy estate of DRAM manufacturer Qimonda has filed action against Infineon Technologies for an unspecified amount. Infineon had a majority stake in the memory chip maker which filed for insolvency in Jamuary 2009.
Dr Michael Jaffé filed the action in the District Court Munich, asserting that Infineon misadministered the sale of Qimonda resulting in financial damages that have yet to be quantified.
The administrator claims that Infineon used a previously formed shell company and 'economically re-established' this company through the transfer of the memory business. The action further asserts that Infineon neglected to provide the company register with the declaration required by German company law in these circumstances.
Based on the opinions of a prominent law firm and a Professor of jurisprudence, Infineon said it regards the action as without merit.
