State Secretary invested in funds – whose founder is now Habeck’s advisor
Udo Philipp, State Secretary in the Federal Ministry of Economics, has been criticized
Source: picture alliance/dpa
Economics Minister Robert Habeck just fired his State Secretary Patrick Graichen, now further allegations against State Secretary Philipp are being made. He is said to have been involved in the appointment of a consultant in whose fund he had invested privately.
NAfter the dismissal of energy expert Patrick Graichen by Economics Minister Robert Habeck (Greens), there are now allegations against one of his other state secretaries. After research by “Business Insider” State Secretary Udo Philipp, who is responsible for start-ups, was involved in appointing an advisor in whose fund he had previously invested money. It’s about Sebastian Böhmer, one of the founders of First Momentum Ventures. It is a fund company that provides start-ups in future-oriented sectors with venture capital.
This means that further details about Udo Philipp are known after the ministry published the state secretary’s shareholdings on Friday. According to this, Philipp owns shares in four start-ups: 4.1 percent in Africa GreenTec in Hainburg, 13.6 percent in LMP in France, 5.1 percent in CSP in Großköllnbach and 8.3 percent in the MST Group in Munich .
Now it turns out that Philipp’s money is also in the investment fund whose founder Sebastian Böhmer is now advising Habeck on the digital economy. According to research by Business Insider, Philipp joined First Momentum Ventures in 2018. Nine months after Habeck took over the Ministry of Economics with Philipp and other state secretaries, the minister appointed Böhmer to the “Young Digital Economy” advisory board, according to “Business Insider”.
Habeck signed the list of proposals
Did the Ministry know about the business connection between Philipp and the current Habeck advisor? The ministry confirmed on Sunday: “The appointment of the advisory board was made through a management proposal.” This means that Habeck signed a list of proposals from his own house. “As usual, the responsible official channel was involved, which includes State Secretary Philipp,” the ministry said. The advisory board only has an advisory function, the ministry said. The cooperation is honorary, the members decide independently on which topics they give opinions.
It remained unclear whether Philipp Habeck drew attention to the business connection between the two. When he took office, he informed his employer which companies Philipp held shares in, the ministry said, according to “Business Insider”. However, this does not apply to the state secretary’s fund holdings. The ministry said Philipp had invested in several funds – which he was allowed to do. She referred to the applicable compliance rules. Philipp has “no influence on the investment strategy of the funds,” she emphasized. It is not yet clear how much money Philipp has invested in the fund.
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