Deutsche Bank Chief Executive Mr Josef Ackermann and former Mannesmann chief Mr Klaus Esser said today they would fight to clear their names in a trial over bonuses paid when Vodafone bought the firm in 2000.
Mr Ackermann, Mr Esser and four co-defendants appeared in court in Duesseldorf for the formal opening of Germany's highest profile corporate trial, which could result in Mr Ackermann being jailed for up to 10 years if found guilty.
The six are accused of unlawfully approving payments to Mr Esser, former head of the steel tube maker turned mobile phone giant, and others after its takeover by British rival Vodafone - at the time the biggest acquisition in history.
Deutsche Bank's Mr Ackermann repeated that he considered himself not guilty as he entered the regional court.
"This is the only country where people who are creating value go to court for doing so," he told reporters.
Mr Esser, who received some €30 million following the takeover that he had initially resisted, denied rumours that he would seek to have the trial called off.
"I have acted very correctly," he said. "We are here to find out just that."
The trial comes at a tricky time for Deutsche Bank, which has transformed itself from a German retail and corporate player into a global investment bank, as rivals merge and the pressure mounts for German industry consolidation.