With a former HSH Nordbank AG executive nicknamed “Dr. No” and a collateralized-debt obligation transaction called Omega 55, the first German criminal trial over the financial crisis could be the backdrop for a James Bond thriller.
HSH Nordbank AG, the world’s largest shipping lender, plans to name Chief Financial Officer Constantin von Oesterreich as head of the German firm after Chief Executive Officer Paul Lerbinger quit after less than 19 months in the job.
Six former HSH Nordbank AG executives were charged with breach of trust and accounting crimes over their role in collateralized-debt obligations that led to writedowns of 500 million euros ($647 million) in 2008.
HSH Nordbank AG, the world’s largest shipping lender, said the crisis buffeting the industry may worsen through 2014 as clients contend with a drop in demand and the arrival of a new generation of container vessels.