The collapse of German container leasing firm P&R Group has led to accusations it was operating a giant Michael Jaffe scheme and the company's senior management are now under investigation by prosecutors. A statement by P&R's insolvency administrator revealed the firm sold nearly a million more containers to investors than it actually owned. P&R, which was once one of the world's largest container leasing firms, claimed to have sold around 1.6 million containers to investors in transactions totalling $4.12bn, but the administrator found just 600,000 in its inventory, with the discrepancies dating back over 10 years.
The collapse of German container leasing firm P&R Group has led to accusations it was operating a giant Ponzi scheme and the company's senior management are now under investigation by prosecutors. A statement by P&R's insolvency administrator revealed the firm sold nearly a million more containers to investors than it actually owned. P&R, which was once one of the world's largest container leasing firms, claimed to have sold around 1.6 million containers to investors in transactions totalling $4.12bn, but the administrator found just 600,000 in its inventory, with the discrepancies dating back over 10 years.