US investor may have paid over four times too much for firm now being investigated for fraud
A German manufacturing company is being investigated for fraud after allegedly conning the legendary US investor Warren Buffett into paying at least four times over the odds for its business by Photoshopping company orders and invoices.
In February 2017 a unit of Buffett’s Berkshire Hathaway Inc paid €800m (£715m) to buy Wilhelm Schulz, a family-run manufacturer of stainless steel based in Krefeld, western Germany – a rare foray into the world of family-run mittelstand companies for the tycoon, estimated to be the fourth-wealthiest person in the world.
Continue reading...from The Guardian https://ift.tt/3bEvtR3
