The Munich Public Prosecutor’s Office has concluded its investigation into Jochen Schweizer mydays, a subsidiary of ProSiebenSat.1 Media, resulting in fines for violating Germany’s Payment Services Supervision Act (ZAG).
The fines imposed by the Munich Public Prosecutor’s Office and the Munich District Court total €3.9 million, according to the German media company. ProSiebenSat.1 Media will pay €10,000, while its subsidiaries Jochen Schweizer and mydays face fines of €2.59 million and €1.3 million, respectively.
Authorities acknowledged the companies’ extensive cooperation during the investigation and the internal probes they conducted, which influenced the final penalty amounts, according to ProSiebenSat.1.
The case centres on potential breaches of financial regulations tied to the companies’ handling of customer funds in their experience voucher business. Germany’s ZAG outlines strict requirements for businesses managing financial transactions. Concerns were raised about whether Jochen Schweizer and mydays had fully complied with these rules.
In response to the investigation, ProSiebenSat.1 provisioned for potential penalties in its mid-2024 financial reports and detailed the matter in its 2022 and 2023 annual reports. At the 2024 Annual General Meeting, company leaders discussed findings from their internal review.
During the investigation, Jochen Schweizer and mydays worked with Germany’s financial regulator, BaFin, to adjust their business models. These changes ensure customers can continue purchasing experience vouchers without regulatory concerns.
“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,” said Martin Mildner, ProSiebenSat.1’s Chief Financial Officer. He added that information on possible recourse claims against third parties will be provided in due course.
