A German court has cleared the former CEO of the state-owned bank WestLB of any wrongdoing in approving a 1.35 billion euro loan to a British company that was declared insolvent shortly afterwards. Juergen Sengera was acquitted of charges of breach of trust for issuing the loan in 2002 which caused the bank to lose 500 million euros.
Sengera has always denied any wrongdoing. WestLB ran up a record loss of 1.7 billion euro in 2002, largely due to its failure to properly manage international investment risks. The bank, that's majority-owned by the state of North Rhine-Westphalia, has also been hit hard recently by exposure to the US subprime crisis
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