Germany’s top banker and five co-defendants were acquitted of criminal charges today over payments to executives during a high-profile 2000 telecom takeover battle.

Vodafone’s former chief executive testified today that his company’s takeover in 2000 of mobile phone firm Mannesmann was determined purely by market pressures, and was not influenced by executive payments under scrutiny at the trial of the German mobile operator’s former head.

Germany’s most powerful banker lashed out against the country’s justice system today as he went on trial on charges he improperly approved executive bonuses and retirement packages worth millions in a high-profile telecoms takeover.

A German court has ordered five former officials of the Mannesmann mobile phone company to stand trial over their roles in the 2000 takeover of Mannesmann by Vodafone.