Last updated: 1st of November 2024
On November 19th, 2022, it became known that the vault of Vallog GmbH, an operator of a high-security safe deposit facility located at a former private bank in Berlin-Charlottenburg, had been compromised. Timeless watch assets were also kept at this high-security facility. The following article contains answers to frequently asked questions. It will be updated as soon as new information becomes available. Please feel free to check back in here later.
01.11.2024 – Delay in Judgment Due to Legal Procedural Requirements
We have not yet received the written judgment. This delay is due to legal procedures that prescribe specific steps after the conclusion of the trial. The complete written judgment must be filed within specific timeframes, which are extended based on the length of the trial. In this case, the main proceedings spanned approximately 40 days, extending the standard five-week period by several additional intervals. As a result, the processing time for the complete judgment is longer. We expect it to be available within the next 1-2 months.
02.10.2024 – Written judgment and additional access to the case files
We are currently awaiting the written judgment and additional access to the case files, which we have already requested, in collaboration with our legal counsel.
Once we receive this information, we will promptly re-engage with the insurance company to advance the claims process for all affected parties.
22.07.2024 – Court Verdict in the Fasanenstraße Case
On July 18, 2024, the Berlin Landesgericht I sentenced four defendants to long prison terms for joint theft from safe deposit boxes and vaults in Fasanenstraße in November 2022. The sentences range from three years and six months to eight years. In total, valuables worth tens of millions of euros were stolen from businesses and individuals during the theft, including 996 watches valued at 10 million euros. The verdict is not yet final and can be appealed.
You can read the official statement from the Berlin Regional Court here.
What are the next steps?
Timeless is once again requesting access to the investigation files and the written verdict. We are in constant communication with our legal counsel and assume that the insurance company will resume processing and reviewing the insurance claim after examining these documents.
10.07.2024 – Expected judgment
According to current plans, the Berlin Regional Court intends to hand down a judgment on 18 July.
04.06.2024 – Next Court Dates
The court proceedings continue. The next court dates are on June 10, 2024 & June 24, 2024.
02.05.2024 – Court proceedings continue
The negotiations are ongoing, with both new and old witnesses scheduled to be subpoenaed and heard by both the prosecution and the defense.
Four additional trial days have been scheduled for May, extending until May 30th.
17.04.2024 – Investigations against former executives of a safe deposit box tenant for insurance fraud.
According to the press release from Capital dated April 11, 2024, the Berlin public prosecutor’s office is investigating the former CEO and another employee of Watchmaster on suspicion of insurance fraud related to the multimillion-dollar theft of luxury watches.
The investigations against the two managers were initiated after suspicious WhatsApp chats between them and the operator of the safe facility were evaluated. The presumption of innocence applies to the three suspects until a potential conviction.
A civil lawsuit against Mannheimer Insurance was unsuccessful due to ongoing investigations. According to the court ruling, the insurance company is allowed to postpone the settlement of the claim until the investigations are completed.
02.04.2024 – Court hearing continues
Witnesses and victims continue to be summoned and heard. Authorities are diligently working to gather all relevant information.
05.03.2024 – The court proceedings and investigative procedures are ongoing.
On January 8, 2024, the first court session of the new year took place for the Berlin 49 Million Case. The proceedings are taking various turns, with witnesses and victims continuously summoned and heard. Furthermore, the investigations are being continued by the LKA.
In a recent development, the presiding judge announced on Thursday, January 25, 2024, to schedule ten additional court dates. These now extend at least until April 29, 2024.
06.10.2023 – The start of the trial
The Berlin Regional Court accepts the charges brought against the defendants by the Berlin Public Prosecutor’s Office. The trial was opened on 06.10.2023. On 4 December 2023, we presented the facts of the case to the court as witnesses on behalf of all injured parties.
14.08.2023 – Official Statement of the Berlin Attorney General’s Office:
The Berlin Attorney General’s Office in Berlin announced in its official statement that it has now filed charges against the alleged perpetrators of the incident. These charges include theft in a particularly serious case in connection with arson. Arrest warrants have already been issued against the suspects. In addition to convicting the defendants, the Attorney General’s Office is seeking to collect the proceeds of 49 million euros.
You can read the official statement of the Berlin Attorney General’s Office here.
The insurance company for the incident is Mannheimer Versicherung AG, with whom the operator has taken out insurance against burglary, among other things. In the meantime, the security clearance has been completed by Mannheimer Versicherung AG at the compromised security facility. This means: the insurance company has inspected the crime scene and secured all the assets remaining inside. The damage reports from Timeless via the locker operator to Mannheimer Versicherung AG and the responsible state criminal investigation office have been made. According to a statement made by an employee of the insurance company on 30. November 2023 at the above-mentioned court hearing, Mannheimer Versicherung AG is currently reviewing the insurance claim.
We very much regret that, due to the current legal circumstances, it has not yet been possible to settle the damage incurred and hope for the understanding of the users affected. Currently, we have exhausted all legal remedies available to us to speed up the process. For this reason, we have already filed a lawsuit against Mannheimer Versicherung AG to increase the pressure on those responsible. The further course of action is now, as mentioned earlier, significantly dependent on the progress of the ongoing court proceedings. We will continue to do our best to bring about a timely resolution.
What happened?
We can confirm that on November 19, the vault of Vallog GmbH, an operator of a high-security safe deposit facility in a former private bank in Berlin-Charlottenburg, was compromised. This high-security storage facility houses individual Timeless watch assets.
The ongoing investigation has revealed that individual Timeless watch assets were affected by the incident.
How do I find out if my fractions are affected by this incident?
Affected users were promptly informed by Timeless via email. If you cannot find a message from us, our support team will be happy to assist you at support@timeless.investments.
Are the assets I’m invested in protected?
All Timeless assets in custody are fully insured. Once the insurance can process the claim, affected users may receive an offer for reimbursement of their purchase costs (i.e., share price plus any fees paid).
How long does it take for the insurance to settle the claim?
Even though we would like to act at our own pace, in this case, we are unfortunately dependent on external parties such as the police and the insurance company. The duration thus depends on the progress of the police investigation and the insurance company itself. As soon as there are new developments, we will promptly inform the affected users via email.
