FMA Investigates Against Treichl

People ♦ Published: October 18, 2011; 14:32 ♦ (Vindobona)

The Austrian Financial Market Authority has severe suspicions against Erste Group´s CEO Andreas Treichl.

FMA Investigates Against Treichl / Picture: ©

Last week, Erste Group surprised the Austrian financial market with a high write-off. Extraordinary depreciations of € 1.6bn cause a planned loss of € 800m for 2011. Only two weeks before Erste Group´s ad hoc announcment, CEO Treichl forecasted profits for 2011 of € 800m. On September 29, Treichl confirmed that the profit forecast for 2011 will be maintained.

Now, FMA…