Beleaguered German private media fund VIP Medienfonds has been dealt another blow with the sudden departure of managing director Dirk Specht from the company.

Specht had been brought to VIP in March 2006 to take over responsibility for the finances and controlling of the VIP funds and he was the sole manager of VIP's operations from June last year after Andreas Grosch was forced to step down.

Specht's contract with VIP was terminated on Tuesday 'with immediate effect' and he has been succeeded by Peter H. Riedel in the post of managing director for VIP Geschäftsführungsgesellschaft.

This new turn of events comes just a week after Specht had announced that he had struck a strategic co-investment partnership for London-based financier to manage VIP's investments.

There had also been changes at the end of August in VIP's fund management division VIP Fondsverwaltungsgesellschaft when Markus Vait was appointed as a successor to the previous managing director Monika Scherer due to 'differences of opinion' in management issues.