07/10/2005

Last Wednesday, the investigation currently carried out against the German private fund VIP Media Group led to the arrest of CEO Andreas Schmid (who had just voluntarily suspended his activities for VIP), in case he skipped the country.
This is the latest development in a judicial process started by the public prosecutor, who suspects fraud and tax evasion. It seems that the guarantee funds VIP 3 and 4 have not led to a correct repayment of the sums invested, since the structure of the VIP is not compatible with entrepreneurial risk or profit.

(The article continues below - Commercial information)

VIP was therefore forced to remove VIP 5 and 6 and will reimburse investors in full. A strange state of affairs for an organisation who recently announced (on the basis of the 400 million euros raised last year) that this year would prove very productive. Among the productions currently financed by VIP, are Tom Tykwer's big budget adaptation of Patrick Suskind's novel The Perfume [+see also:
trailer
film profile], Paul Verhoeven's Black Book, and 7 Zwerge - Der Wald Ist Nicht Genug, by Sven Unterwaldt, sequel to last year's big comedy hit.

(Translated from French)