Former German Finance Minister Christian Lindner plans to join the US consulting firm Teneo but faces criticism over potential conflicts of interest. His inner circle emphasizes that the federal government will review such conflicts. Approval for the move still rests with the government.
On Wednesday, the US consulting firm Teneo announced the planned entry of Christian Lindner, the former FDP leader and federal finance minister. Lindner is to advise clients in the USA, Germany, and other EU countries. Teneo advises companies and authorities worldwide, including the Italian UniCredit, which acquired shares in Commerzbank during Lindner's tenure and aims to take over Deutsche Bank.
Criticism comes from the non-governmental organization LobbyControl, which warns of a 'handfesten Interessenkonflikt.' Teneo represents 'several clients from the financial sector to the federal government and parliament.' Christian Görke, the Left party's financial policy spokesman, called the entry 'frech und unverschämt.' He accused Lindner of, as minister, making Commerzbank a takeover target through share sales and now potentially aiding a UniCredit takeover.
From Lindner's inner circle, it was stated to the 'Rheinische Post': 'The federal government should and will review possible conflicts of interest. There are procedures for that.' Regarding the Commerzbank case, it was added: 'The Commerzbank and UniCredit matter ran below the ministerial level at the time.' Moreover, Lindner's activities would not involve lobbying the government or transactions.
In Germany, former government members face a 12-month cooling-off period, extendable to 18 months in exceptional cases, to prevent conflicts of interest. The federal government must approve the switch. The Union has already signaled approval for Lindner's new job. Lindner wants to transition to the private sector as quickly as possible.