UK partner starts action on German cash scandal

LONDON solicitor David Greene is at the centre of a legal campaign by English and German creditors to secure over DM600 million (u240 million) from disgraced German investment adviser and alleged fraudster Jurgen Harksen.

Greene, partner of London firm Edwin Coe, worked with South African lawyers in Cape Town to secure a rare Mareva injunction and ex parte sequestration order against Harksen, who recently fled to South Africa. He also faces charges in Germany.

Harksen has now given an undertaking to return the DM600 million to his creditors by July. The agreement follows the lifting of the sequestration order against Harksen following further negotiations between Edwin Coe and Harksen which took place at the end of February.

In total, there are around 30 solicitors advising Harksen's creditors, mainly based in Germany, but it has been left to Greene and to Cape Town-based barrister Peter Hodes SC to actually start proceedings.

They have taken proceedings against him in the South African jurisdiction.

"Sequestration has brought him to the table," he says. Although Harksen has agreed to refund monies in full, "I'll believe it when I see it," says Greene.