the German company Wilhelm Schulz is under investigation on charges of fraud, she has deceived the legendary American investor Warren Buffett hundreds of millions of euros. He paid four times more for the family business for the production of stainless steel, because the firm doctored financial documents in photoshop. This writes the Guardian.
In February 2017, a unit of Berkshire Hathaway Inc Buffett paid 800 million euros to buy the family business from Germany, Wilhelm Schulz.
However, after this anonymous message in may of that year, Buffett began to doubt the authenticity of the documents. It turned out that this is not a thriving business, and the company is on the verge of bankruptcy.
In April the arbitration court of the new York ruled that the German firm was systematically introduced investors astray. At least 47 of commercial transactions was completely fabricated. Also Wilhelm Schulz with photoshop, forged orders, and invoices.
the Court found that the German business is not more than 157 million euros, and was obliged to compensate to the investor the difference to 643 million euros. The former owners of the Schulz Group did not agree with the decision of the court.
Warren Buffett is among the ten richest people in the world with a fortune of 67.5 billion dollars.
