Jan.19 (GMM) The legal and financial troubles surrounding former Formula 1 driver Adrian Sutil have deepened, with a luxury car company closely linked to him now declared insolvent.
According to WirtschaftsWoche, Munich-area firm DS Motoren GmbH has filed for insolvency following Sutil’s arrest late last year. The 42-year-old former F1 racer has been in pre-trial detention since the end of November, accused by prosecutors in Stuttgart of aggravated fraud and embezzlement.
Sutil denies the allegations and is cooperating with authorities.
DS Motoren’s business model centred on trading in ultra-rare, limited-edition luxury vehicles, including models from Bugatti, Ferrari, Pagani, Koenigsegg, Mercedes and Porsche – some with individual values in the millions of euros. The cars were financed via banks and leasing firms, with profits expected through appreciation and resale.
The insolvency is closely tied to the criminal proceedings against Sutil. Investigators suspect that some of the vehicles were used multiple times as collateral, triggering concerns among creditors once Sutil was taken into custody.
Insolvency administrator Alexander Zarzitzky said that although Sutil did not hold a formal role at DS Motoren GmbH, his influence was significant. “Adrian Sutil is a board member of Liechtenstein-based AS Motoren AG, which is the parent company of the insolvent DS Motoren GmbH,” Zarzitzky said.
Sutil’s name, he added, helped open doors in the high-end automotive market.
The company’s managing director, an external appointment, filed for insolvency shortly after Sutil’s arrest. Sutil’s lawyer, Dirk Schmitz, criticised the move as premature.
However, business documents have reportedly been seized, while several high-profile cars – including a Koenigsegg Regera, a Rolls-Royce Phantom and a Mercedes S600 said to have once belonged to Elvis Presley – are currently unaccounted for.
German media report that the total value of the so-called “Sutil vehicles” could reach as high as EUR 150 million. There are also claims that the case was triggered by an alleged extortion attempt, with Sutil’s legal team saying his family was subjected to “considerable pressure” before vehicles were removed from Monaco.