German authorities have concluded their investigation into ProSiebenSat.1 Media’s subsidiaries, Jochen Schweizer and mydays, resulting in significant fines totaling €3.9 million for violations of Germany’s Payment Services Supervision Act (ZAG).
The Munich Public Prosecutor’s Office and the Munich District Court imposed fines of €10,000 on ProSiebenSat.1 Media, €2.59 million on Jochen Schweizer, and €1.3 million on mydays. The company highlighted the authorities’ acknowledgement of their extensive cooperation and internal investigations in mitigating the penalty amounts.
The investigation focused on potential breaches of financial regulations concerning the handling of customer funds within their experience voucher business. Concerns arose regarding the companies’ full compliance with the ZAG’s stringent requirements for managing financial transactions.
ProSiebenSat.1 proactively addressed potential penalties in its mid-2024 financial reports, also detailing the matter in its 2022 and 2023 annual reports. The company’s leadership discussed findings from its internal review at the 2024 Annual General Meeting. Throughout the investigation, Jochen Schweizer and mydays collaborated with BaFin, Germany’s financial regulator, to adapt their business models, ensuring continued experience voucher sales without regulatory issues.
“We are pleased to conclude the ZAG investigation and focus on growing Jochen Schweizer and mydays. We’ve also strengthened our governance systems and implemented significant improvements,” stated Martin Mildner, ProSiebenSat.1’s Chief Financial Officer. He further noted that details on possible recourse claims against third parties would be shared later.