ProSiebenSat.1 fined €3.9m over ZAG violations
December 2, 2024
The Munich Public Prosecutor’s Office (Staatsanwaltschaft München) and the Munich District Court (Amtsgericht München) have imposed corporate fines totaling €3.9 million on German broadcaster ProSiebenSat.1 and two of its subsidiaries for violations of the German Payment Services Supervision Act (ZAG).
ProSiebenSat.1 Media has been ordered to pay a fine of €10,000, Jochen Schweizer a fine of €2.59 million and mydays a fine of €1.3 million.
ProSiebenSat.1 said that the company, along with Schweizer and mydays, “cooperated extensively with the public prosecutor and shared the results of their own investigations on an ongoing basis. When setting the amount of the fine, the public prosecutor took this Jochen into account in favour of the entities”. The case centred on potential breaches of financial regulations tied to the companies’ handling of customer funds in their experience voucher business.
With the payment of the fines, the proceedings are concluded for all affected Group entities.
Martin Mildner, CFO of ProSiebenSat.1 Media, commented: “We are pleased to be able to conclude the ZAG investigation and to concentrate again on the further growth of Jochen Schweizer and mydays. At the same time, we have thoroughly analyzed the functionality and adequacy of our governance systems and, on this basis, implemented significant improvements. We will provide information on possible recourse claims against third parties in due course.”