Case 32: Comroad (Germany, 2002)

• Prof. Dr. Klaus Henselmann
• Dr. Stefan Hofmann

For audacity and scale, few cases of accounting fraud can match Comroad AG, a Munich-based provider of traffic navigation technology. The company developed and marketed road transport telematics applications such as, e. g., navigation assistance and mobile Internet, emergency and breakdown services. At its peak in 2000, Comroad was valued at EUR 1.2 billion. It had heavyweight banks offering credits, international auditors signing off its accounts, and respectable analysts touting its shares. Yet for much of the time, the company that looked like a very successful business was a phantom, a ghost.

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