Esser defends his £11m bonus

FORMER Mannesmann boss Klaus Esser today defended the decision to pay him and others massive golden handshakes worth close to £40m as part of the purchase of the German firm by Vodafone for £110bn in 2000.

In further developments in week two of a trial focused on the bonuses, Esser, defended his personal award of e15.9m (£11m) as worth a 'fraction of his value'.

Esser's defence is expected to be bolstered next month by Canning Fok, general director of Hutchison Whampoa. Fok, representative of Mannesmann's largest shareholder at the time of the takeover struggle, will give his testimony by video link from Hong Kong.

Esser and his five co-defendants including Deutsche Bank chief Josef Ackermann are desperate to paint themselves as shareholder champions - not as fat-cat tycoons dispensing money to boardroom pals.