ESG allegations

Stagecoach’s German boss quits amid greenwashing probe

Stagecoach agreed to be acquired by DWS

Stagecoach’s new German boss has resigned following a raid on the offices of his company DWS as part of an investigation into alleged greenwashing.

The asset manager announced that its chief executive, Asoka Wöhrmann, will leave immediately after the company’s annual general meeting on 9 June.

Fifty officials from German regulator BaFin, the federal criminal police office and the public prosecutor’s office searched the Frankfurt offices of Deutsche Bank and DWS. 

In its 2021 annual report, DWS stated that it was overseeing €115bn ($122.4bn) in ESG assets, a significantly lower number compared to the €459bn of ‘ESG integrated’ assets it published a year earlier.

Mr Wöhrmann said: “The allegations made against DWS and myself in past months have become a burden for the company, as well as for my family and me. In order to protect the institution and those closest to me, I would like to clear the way for a fresh start.” 

Perth-based Stagecoach has recently been sold to a fund managed by DWS for a cash bid that valued the transport company at £595m.

DWS Infrastructure outbid a rival offer from National Express.

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