“We are aware of the importance of occupational pensions for employees of the Cofra group, especially those of C&A and we will take on this responsibility unreservedly,” said Bernd Neumann, the insurer’s chief financial officer.No statement was made by C&A or Prudentia on the deal, which is still subject to approval by German supervisor BaFin.The sale of the Pensionskasse could be connected to rumours about a possible sale of C&A by Cofra, which has been reported in the German press.Frankfurt Leben is owned by Chinese finance group Fosun and is one of several run-off platforms to have started operating in the German market over the past two years.Life insurance companies and German Pensionskassen alike are struggling with the current low-interest rate scenario, which has challenged their ability to keep promises made in different market environments.By selling businesses to run-off platforms, companies can take some liabilities off their balance sheet. Experts have also argued that pension plans with falling memberships can benefit from pooling together on such platforms.Read more about run-off deals in Germany in the April issue of IPE. The Cofra Group, owner of fashion company C&A, has sold its German Pensionskasse to Frankfurter Leben-Gruppe (Frankfurt Leben).In total, €1.8bn in assets run for C&A’s 50,000 current and former employees in Germany were transferred to the run-off platform.The sale of Prudentia PK follows Frankfurt Leben’s purchase of AXA’s €3bn multi-employer Pensionskasse Pro bAV in February. The insurer now runs roughly €10bn of pensions and insurance assets.Frankfurt Leben, which specialises in running closed asset pools, said it would continue to run C&A’s pension plan and make payouts.
Former Asante Kotoko midfielder Emmanuel Agyemang has debunked rumors in the media claiming he had belittled Hearts fine start to the season by saying they are enjoying ‘cheap’ matches as compared to Kotoko.In a chat with Asempa FM, the box to box midfielder categorically denied all claims stating he only felt Hearts had not met title contenders.“I said Hearts are playing teams that are not contenders of the league not ‘cheap’ teams”.“Apart from Medeama, which side will you say is difficult opponent for Hearts? All the teams that have played Hearts are not title contenders,” Badu said.“Even when you take into consideration the fact that Medeama have been a strong opponent for Kotoko in Kumasi of late, then you will know that Kotoko’s opponents have been stronger than Hearts.”Hearts and Kotoko clash in matchday of the Ghana Premier League. –Follow Joy Sports on Twitter: @JoySportsGH. Our hashtag is #JoySports
German boxer from Bosnia-HerzegovinaAdnan Catic, also known as Felix Sturm, will be released to defend himself. This was decided on Wednesday at the Cologne Regional Court, and the boxer will have to pay a bail of 300,000 euros, according to Bild.He should be on bail by Christmas, and as soon as he does, he will be released on condition that he does not leave Germany.On November 4th this year,the court guard at Cologne District Court brought Adnan Catic, also known as Felix Sturm, to room 112 of the Cologne Courthouse. The trial of the former Boxing World Champion has begun several days later.He will be charged with tax evasion of 5.8 million Euros, and the sentence, if found guilty, could be up to 10 years in prison.Catic was arrested on April 5ththis year in Cologne during a visit to the FIBO fitness fair and was arrested by police on charges of tax evasion.The court denied him a request for release on bail of one million euros, and was recently charged with evading taxes of seven million euros.If the allegations turn out to be true, Catic will face up to several years in prison, given that had suspended sentence of 22 months in 2012 for tax evasion.Catic, who fights under the alias Felix Sturm, was a world champion in his career with a score of 40 wins, five losses and three draws.On February 20th, 2016, Catic had the last fight in Oberhausen against Fjodor Cudinov after which he was positive on the forbidden substance.He broke the silence two months later with a post which he shared via Instagram where he complained about being treated unfairly by the doping investigators. Sturm wrote that he was only informed two months after the first doping sample about the results and that he wasn’t told why it took longer than usual (two weeks).After engaging a lawyer who requested all the required documents from the investigators he noticed that the last page was missing, “…where is written, when my sample arrived at the laboratory, who received it and who analysed the sample.”, it was written in that social media post. He allegedly didn’t get an answer after submitting further inquiries and was denied the right to let the b-sample be analysed by another laboratory. Sturm claimed that the WBA refrained from suspending him because of these irregularities.But, after almost three years Catic has proved his innocence and he is preparing for a great return.Catic, who will be 40 years old on January 31st, is the fifth world champion.In his career, he had 49 matches in which he scored 40 wins with six defeats, and ended three without a winner.Probably, his 50th fight will be against Arthur Abraham (38), also a multiple champion in the middle and supreme category.Catic is a five-time world champion in two weight classes, having held the WBO middleweight title from 2003 to 2004, the WBA middleweight title twice between 2006 and 2012, the IBF middleweight title from 2013 to 2014, and the WBA (Super) super-middleweight title in 2016.