MUNICH -- In a surprise move, Andy Grosch, managing director of VIP Medienfonds, is leaving the tax fund specialist and the recently hired Dirk Specht will run the film fund.
In April Grosch said he had no intention of ankling VIP despite the fact that its topper and main shareholder, Andreas Schmid, is under investigation for tax fraud and in prison because the authorities fear he might flee the country.
The Munich state attorney argues that VIP's financing model poses a form of tax fraud.
Grosch said in a statement: "I will continue to support VIP by trying to prove that the state prosecution's accusations against the financing model used by VIP and other market leaders are wrong."
VIP has money invested in Sony's "All the King's Men," Paul Verhoeven's "Black Book" and Todd Haynes' "I'm Not There."
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