Former Arcandor chief executive Thomas Middelhoff has denied he played a part in the downfall of the retail and tourism group.

Arcandor was forced into insolvency earlier this month after the state refused to grant it aid on the grounds that its problems pre-dated the recession.

“I am convinced that we have been taking the right decisions since 2004,” Middelhoff told German newspaper Bild am Sonntag. “On the contrary, many people say that without me it would have been over already in 2004.” Prosecutors are investigating a possible breach of trust by Middelhoff, who was at the retailer from 2005 to March
this year.