27 | contingent assets and liabilities
Due to the nature of the group’s activities, bank guarantees for a total amount of € 88,643 (2014: € 83,014) have been issued.
In 2011 USG People in Germany filed lawsuits against former directors for reasons including a breach of a non-competition clause. The ruling is expected to be favourable and lead to substantial compensation for USG People. The time required to complete the lawsuits is currently unknown. The estimated damage as a result of the aforementioned cases amounts to €19,000 (2014: € 22,000). The ultimate amount of possible claims is not yet known.
With regard to the intended public offer announced by Recruit Holdings Co., Ltd., in the event of irregular termination of the merger protocol the party that is to blame for the termination will pay a termination fee of € 10.5 million.
The group was assisted by external advisors during the process that led to the intended public offer announced by Recruit Holdings Co., Ltd. These advisors are entitled to compensation only if the offer is declared unconditional. This fee is expected to amount to € 10.5 million and is recognised as a contingent liability in view of the fact that the offer being declared unconditional among others depends on shareholders tendering their shares.