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Prosecutors look at charging Infineon manager with fraud

Munich authorities said on Saturday that prosecutors are investigating a top manager of Infineon Technologies AG as well as a former manager for corruption, fraud and tax evasion.

Infineon, Europe's largest semiconductor maker, said Von Zitzewitz resigned amid an investigation into payments made surrounding motorsports sponsorships.

Police conducted a search of Infineon's headquarters in Munich late on Friday, as well as several apartments in connection with the investigation of the company's chief operating officer, Andreas von Zitzewitz, and Harald Eggers, said Christian Schmidt-Sommerfeld, a spokesman for authorities.

Schmidt-Sommerfeld said authorities were tipped off to the possibility of wrongdoing by a consultant testifying in another case involving Infineon, that Von Zitzewitz received 300,000 euro (US$361,200) over three years without paying taxes.

Von Zitzewitz is being investigated based on allegations made by Udo Schneider, managing director of BF Consulting GmbH, Munich-based Infineon said in a statement. Von Zitzewitz, 45, was head of the memory chip unit.

Infineon isn't is under investigation and is cooperating fully with the authorities, the company said in the statement.

The departure leaves the company without a head at its biggest business. The memory unit accounts for about 40 percent of Infineon's revenue.

Von Zitzewitz moved to Infineon when former parent Siemens AG spun off the business in 1999.
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