Last updated: 10th of October 2025
On 19 November 2022, a burglary occurred at a high-security safe deposit facility operated by Vallog GmbH in Berlin (Fasanenstraße, Charlottenburg). Numerous valuables were stolen during this incident, including watch assets held by Timeless on behalf of fractional owners.
A safe deposit insurance policy was in place for such loss events. To date, the insurance claim has not been settled. The background to this delay lies in extensive police investigations and subsequent criminal proceedings before the Berlin Regional Court. During these proceedings, it was established that the former managing director of Vallog GmbH was involved in the offence. Citing these findings, the insurer has so far refused to settle the claim.
Timeless continues to pursue the enforcement of the claims consistently and, in close coordination with legal counsel, is preparing to initiate legal proceedings.
07.06.2025 – Refusal of insurance payment and preparation of legal action
Mannheimer Versicherung AG announced that no compensation will be paid. The insurer referred to the fact that the former managing director of Vallog GmbH had been lawfully convicted of involvement in the offence. Timeless does not share this legal position and is preparing to pursue the insurance claims in court. As part of the preparation of the claim, Timeless, through its appointed lawyer, is requesting missing documents from the insolvency administrator of Vallog GmbH.
03.02.2025 – Receipt of initial documents and request to the insurer
Timeless and its appointed legal counsel obtained access to parts of the investigation files and to the written judgement. On this basis, legal review began. At the same time, Mannheimer Versicherung AG was formally requested to provide compensation.
01.11.2024 – Notification from the Berlin Regional Court
The Court informed that, due to the extensive main trial (around 40 trial days) and limited staff resources, the complete digitisation of the investigation files had not yet been finalised. For this reason, the written judgement could not be transmitted at that time.
22.07.2024 – Judgement of the Berlin Regional Court
The Berlin Regional Court sentenced several defendants, including the former managing director of Vallog GmbH, to multi-year prison sentences for joint theft. The judgement is partly final. Subsequently, Timeless applied for access to the written judgement and to the investigation files.
You can read the official statement of the Berlin Regional Court here.
04.12.2023 – Testimony by Timeless
Representatives of Timeless testified in the criminal proceedings as witnesses and described the effects of the burglary on the affected investors.
06.10.2023 – Start of the trial
The Berlin Regional Court opened criminal proceedings against the defendants.
01.01.2023 – 30.09.2023 – Continuation of investigations / indictment
The police investigations were pursued intensively. The Berlin Attorney General’s Office filed charges against several accused.
You can read the official statement of the Berlin Attorney General’s Office here.
05.12.2022 – Official notification by the safe deposit operator
The operator informed Timeless that the safe deposit box rented by Timeless, in which fractional owners’ watches were stored, was affected by the burglary. Timeless then notified the affected investors of the loss.
19.11.2022 – Burglary at the Vallog GmbH high-security safe deposit facility (Berlin, Fasanenstraße, Charlottenburg)
Numerous valuables were stolen during the burglary, including watch assets held by Timeless on behalf of fractional owners. Timeless initially became aware of the burglary at the Vallog GmbH facility through press reports.
Since the burglary on 19.11.2022, Timeless has taken all measures at its disposal to clarify the facts and, as service provider, to ensure the enforcement of compensation claims for fractional owners:
Damage report
Immediate notification of the loss to the responsible insurer via the custodian.
Cooperation with law enforcement authorities
Collaboration with the police and the public prosecutor’s office. Timeless was summoned as a witness in the criminal proceedings and presented the impact of the burglary on the affected fractional owners.
Insurance-related support
Ongoing communication with Mannheimer Versicherung AG and submission of all necessary documents for claims processing.
Access to files
Multiple applications for access to investigation and court files in order to enable a well-founded legal assessment of the case.
Segregation of insurance claims
In the course of the insolvency proceedings of Vallog GmbH, Timeless ensured that the insurance claims against Mannheimer Versicherung AG were segregated, so they do not fall into the insolvency estate but can be asserted directly by Timeless.
Legal review
Engagement of external lawyers to review the legal basis of the claims and the insurance conditions.
Enforcement of claims
After receiving parts of the judgement and investigation files, Mannheimer Versicherung AG was requested to provide compensation.
Preparation of legal proceedings
As no payment has been made so far, Timeless is preparing, in coordination with its appointed lawyers, to assert the insurance claims in court.
The enforcement of claims under the existing safe deposit insurance is subject to several legal and procedural conditions which have significantly influenced, and continue to influence, the timeline:
Completion of criminal proceedings as a prerequisite
The insurer is entitled to defer settlement while criminal investigations and proceedings regarding the circumstances of the offence are ongoing. The criminal trial before the Berlin Regional Court, comprising around 40 trial days, was concluded in July 2024 with a judgement.
Written judgement
The written judgement constitutes an essential basis for further legal assessment. Due to the duration of the main proceedings, the statutory deadline for issuing the written judgement was substantially extended. Parts of the judgement are now accessible, but complete digitisation and transmission of the investigation files by the Berlin Regional Court is still pending.
Contractual insurance review
Mannheimer Versicherung AG has so far refused to provide compensation, referring to the alleged involvement of the former managing director of Vallog GmbH in the crime.
Insolvency of Vallog GmbH
As Vallog GmbH is insolvent, segregation of the claims against Mannheimer Versicherung AG was necessary. This segregation has been effected in favour of Timeless, meaning that the claims can now be asserted directly by Timeless.
Judicial enforcement
As the insurer continues to deny compensation, Timeless, acting as service provider for fractional owners, is preparing judicial enforcement of the claims.
Ongoing requests for files
Although the written judgement is now available, the investigation files at the Berlin Regional Court have not yet been fully digitised and can therefore only be partially reviewed. Timeless and its appointed legal counsel are continuously requesting release of the complete files.
Examination of claims
Following receipt of the currently available judgement and investigation documents, our lawyers are conducting an in-depth legal review to assess the basis of the claims and to prepare the statement of claim.
Filing of the lawsuit
On the basis of the available documents, Timeless will initiate legal proceedings to enforce the insurance claims against Mannheimer Versicherung AG.
Investor information
Timeless will inform affected investors promptly about the progress of the proceedings and about significant interim steps (e.g. filing of the lawsuit, court hearings).
Next update
This page will be updated at the latest upon filing of the lawsuit or once new essential findings from the investigation files become available.
The criminal proceedings before the Berlin Regional Court were concluded in July 2024 with convictions against several defendants and are now final. The written judgement is available. However, according to the Court, the investigation files have not yet been fully digitised and are therefore only partly accessible. Mannheimer Versicherung AG continues to refuse payment, citing the alleged involvement of the former managing director of Vallog GmbH. A civil lawsuit is now being prepared to enforce the claims.
Timeless reported the damage without delay, testified in the criminal proceedings as a witness, and repeatedly applied for access to the files. The insurance claims were segregated in the insolvency proceedings of Vallog GmbH in favour of Timeless. After the written judgement became available, Timeless formally requested compensation from Mannheimer Versicherung AG. As no payment has been made, judicial enforcement is now being prepared.
The affected assets were stolen during the burglary and are no longer physically available. Until the claim settlement has been completed, these fractions cannot be traded on the secondary market.
A binding timeline cannot currently be given. Only after conclusion of the civil proceedings against Mannheimer Versicherung AG, or upon settlement by the insurer, can payouts be made to the affected investors.
No. The insurance claims were segregated and are exclusively vested in Timeless. Individual enforcement by investors is therefore not possible.
Timeless regularly informs affected investors by email and via this update page. Important steps such as the filing of the lawsuit or new developments regarding the investigation files will be communicated promptly.
Timeless has re-evaluated and tightened its selection and control criteria for custodians, taken out additional insurance policies, introduced stricter contractual requirements and regular audits. Internal processes for crisis management and investor communication have also been improved. The aim is to ensure even safer custody of assets in the future and to minimise comparable risks.
