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Heusenstamm (dpa) - Thousands of creditors of the insolvent gold dealer PIM from Heusenstamm in southern Hesse have received a first down payment.
"The recovery of the seized precious metal stocks is essentially complete, so that we were able to make an initial payment in coordination with the court and the creditors' committee," said insolvency administrator Renald Metoja on Tuesday.
All creditors whose claims had already been judicially established were taken into account.
A small number of claims are still being examined.
According to the insolvency administrator, around 7,000 creditors have currently registered claims amounting to around 178 million euros.
PIM Gold GmbH filed for bankruptcy at the end of September 2019 after searches.
Currently, two former bosses of the company have to answer for serious fraud before the Darmstadt Regional Court.
According to the indictment, the company is said to have concluded supply contracts with customers for hundreds of kilograms of gold from 2016 to September 2019, but failed to fulfill them.
Interest is said to have been paid out according to a kind of pyramid scheme via newly acquired customer funds.
The proceedings also concern contracts for the purchase of around three tons of gold, which, according to the allegations, was probably never stored in any vaults on this scale.
According to Metoja, the amount of the money now paid out corresponds to a rate of 7.5 percent on the claims established by the court.
On average, this rate for corporate insolvencies in Germany was recently around 3.6 percent.
"As things stand at the moment, there is a good chance that creditors will get between 15 and 20 percent of their claims back."
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© dpa-infocom, dpa: 210223-99-558658 / 2