The first creditors’ meeting concerning the insolvency of the German shipping container lessor P&R took place in Munich on Wednesday (Oct. 17).
P&R had gone bankrupt in March, whereupon one of the biggest economic scandals in German post-war history became public.
According to the responsible insolvency trustee, Michael Jaffe, P&R had allegedly sold about 1.6 million shipping containers of which only 618,000 have been located so far. P&R is accused of having sold approximately one million non-existent containers to their investors.
Investors bought shipping containers from P&R, which then leased the containers back from the investors to charter them to large shipping companies. In return, the investors received a quarterly rental payment and P&R guaranteed to repurchase the used container after five years.
Read more on Xinhua.
