Heinrich von Pierer, who resigned as chairman of Siemens late on Thursday, hit out at prosecutors’ investigations into twin scandals at the German engineering group, saying he failed to understand the ”disproportionate” decision to arrest a senior executive last month.
The decision by one of the leading figures in German business to leave his job early after 38 years in an attempt to draw the heat out of the scandals was warmly welcomed by investors.
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